After a decade of supplying natural gas to the Israel Electric Corporation, the company’s gas supply from the country’s original basin – Yam Tethys – has trickled to an end, the IEC announced on Thursday morning.
Developed by Delek Energy and Noble Energy, Yam Tethys provided 23 billion cubic meters of gas to the IEC from February 2004 through December 2013 – saving the Israeli economy an equivalent of $9 million, according to IEC CEO Eli Glickman.
"The agreements with the Yam Tethys Group formed the cornerstone of Israel's gas revolution, the results of which are much cheaper and cleaner electricity production," said IEC Chairman Yiftah Ron-Tal. "These deals have also led to the gas explorations and great discoveries of Tamar and Leviathan, and will lead Israel to energy independence and a greener environment."
The 23 b.cu.m. received by the IEC from Yam Tethys during the basin's lifespan was equivalent to 100 million kilowatt-hours worth of electricity generation, or 142 million barrels of oil, the IEC said. The purchasing agreements made with the Yam Tethys partners also allowed for the construction of 8 natural gas power plants with a capacity of more than 7,300 megawatts, Glickman added.