Israel set to become gas exporter

Consortium finds enough gas to secure energy needs for 50 - 70 years.

By JPOST.COM STAFF, AP
June 3, 2010 21:26
1 minute read.
The Jerusalem Post

yitzhak tshuva 311. (photo credit: Delek group via Bloomberg)

 
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A consortium led by billionaire Yitzhak Tshuva announced on Thursday that it has struck natural gas in a field called 'Leviathan' off the coast of Israel.

The field is estimated to contain 15 trillion cubic feet of gas and is the second large scale gas find in a month.  Last month's find, in a field called 'Tamar', is thought to contain enough gas to supply Israel for the next twenty years.

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RELATED:
Billionaire Yitzhak Tshuva strikes gas

Speaking to Channel 2 news, Uzi Landau, Minister of National Infrastructure said that 
"we have enough gas to supply all our needs for the next 50 to 70 years".

Mr Yitzhak Tshuva is the owner of the Delek Group and a major player in the consortium which made the latest find. Other partners include Noble Energy and Razio.

Noble Energy are based in Houston, Texas and say the neighboring Tamar field probably contains more then previously estimated, about 8.4 trillion cubic feet, a 33 percent increase in the earlier estimate.

Tshuva also says there may be an oil field beneath the gas.

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