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Israel Reaches Out to US for Oil and Gas Development

By Jen Alic | Sun, 26 August 2012 00:00 | 2

Israel Natural Gas Lines' is energetically courting US majors to develop its oil and gas industry, inviting firms specializing in exploration, production, pipeline construction, logistical services, workforce training and other related subsectors to join in the bonanza. 

This week, Israel announced that construction has begun on a submerged turret loading buoy linking LNG imports to the country’s gas transmission system as the country seeks to become and LNG exporter.

According to the US Geological Survey, the Levant Basin Province in the Eastern Mediterranean holds a mean recoverable reserve of 122 trillion cubic feet (Tcf) of natural gas and 1.7 billion barrels of oil. The province straddles the maritime boundaries of Cyprus, Gaza Strip, Israel, Lebanon and Syria.

From 28 October through 1 November, the US Department of Commerce and International Trade’s Commercial Service will lead an oil and gas trade mission to Israel.

Israel and the US Commercial Service are promoting this the opportunity of the year, telling media that Israel has made enormous natural gas discoveries off its coast that will help transform the country into an energy giant. 

By. Jen Alic of Oilprice.com

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  • Mary Elliott on August 28 2012 said:
    How involved United States should become, would depend largely on how beneficial this would be to the American economy as the Israeli oil holdings in and around Gaza
    lie waiting for extraction.
  • David McCormack on August 28 2012 said:
    Interested companies can visit: http://export.gov/trademissions/israel2012/ and send applications to david [dot] mccormack [at] trade [dot] gov

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