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Natural gas in Israel News update
According to the Prospectus published in the Tel Aviv Stock Exchange by Delek Drilling, one of the partners in Tamar with holding shares of 15.6%, there is an additional layer of natural gas hoard in the drilling sight Tamar, just off the shores of Haifa.
This hoard is located beneath the previous drilling layers and is much deeper. In this new hoard it’s not clear yet how much natural gas there is in it.
The current expectations are that Tamar will start to produce natural gas by 2013 and the estimates of its total amount of natural gas in Tamar, before considering the new hoard, stands on 9.1 TCF, which is an 8% increase compared from the former estimate of 8.4 TCF.
There are deliberations between the partners of Tamar and the Electric company of Israel over the price they will provide natural gas.
The UN planes to intervene in the current dispute between Israel and Lebanon over the sea board that runs between the two countries. Earlier this month, Israel decided on the sea board of its territory that will separate it from Cyprus and Lebanon; this ruling faced opposition from Lebanon that didn’t agree to it. Just to be clear, the current dispute isn’t over the current drilling sights of natural gas in Israel such as Tamar, but over any future development that may occur in the region.
Lior Cohen, M.A. in economics from Tel Aviv University, economist and blogger at IBR and Trading NRG.
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