• 12 hours Oil Prices Rise After U.S. API Reports Strong Crude Inventory Draw
  • 13 hours Oil Gains Spur Growth In Canada’s Oil Cities
  • 14 hours China To Take 5% Of Rosneft’s Output In New Deal
  • 14 hours UAE Oil Giant Seeks Partnership For Possible IPO
  • 15 hours Planting Trees Could Cut Emissions As Much As Quitting Oil
  • 16 hours VW Fails To Secure Critical Commodity For EVs
  • 17 hours Enbridge Pipeline Expansion Finally Approved
  • 18 hours Iraqi Forces Seize Control Of North Oil Co Fields In Kirkuk
  • 19 hours OPEC Oil Deal Compliance Falls To 86%
  • 1 day U.S. Oil Production To Increase in November As Rig Count Falls
  • 2 days Gazprom Neft Unhappy With OPEC-Russia Production Cut Deal
  • 2 days Disputed Venezuelan Vote Could Lead To More Sanctions, Clashes
  • 2 days EU Urges U.S. Congress To Protect Iran Nuclear Deal
  • 2 days Oil Rig Explosion In Louisiana Leaves 7 Injured, 1 Still Missing
  • 2 days Aramco Says No Plans To Shelve IPO
  • 4 days Trump Passes Iran Nuclear Deal Back to Congress
  • 4 days Texas Shutters More Coal-Fired Plants
  • 5 days Oil Trading Firm Expects Unprecedented U.S. Crude Exports
  • 5 days UK’s FCA Met With Aramco Prior To Proposing Listing Rule Change
  • 5 days Chevron Quits Australian Deepwater Oil Exploration
  • 5 days Europe Braces For End Of Iran Nuclear Deal
  • 5 days Renewable Energy Startup Powering Native American Protest Camp
  • 5 days Husky Energy Set To Restart Pipeline
  • 5 days Russia, Morocco Sign String Of Energy And Military Deals
  • 6 days Norway Looks To Cut Some Of Its Generous Tax Breaks For EVs
  • 6 days China Set To Continue Crude Oil Buying Spree, IEA Says
  • 6 days India Needs Help To Boost Oil Production
  • 6 days Shell Buys One Of Europe’s Largest EV Charging Networks
  • 6 days Oil Throwback: BP Is Bringing Back The Amoco Brand
  • 6 days Libyan Oil Output Covers 25% Of 2017 Budget Needs
  • 6 days District Judge Rules Dakota Access Can Continue Operating
  • 7 days Surprise Oil Inventory Build Shocks Markets
  • 7 days France’s Biggest Listed Bank To Stop Funding Shale, Oil Sands Projects
  • 7 days Syria’s Kurds Aim To Control Oil-Rich Areas
  • 7 days Chinese Teapots Create $5B JV To Compete With State Firms
  • 7 days Oil M&A Deals Set To Rise
  • 7 days South Sudan Tightens Oil Industry Security
  • 7 days Over 1 Million Bpd Remain Offline In Gulf Of Mexico
  • 7 days Turkmenistan To Spend $93-Billion On Oil And Gas Sector
  • 8 days Indian Hydrocarbon Projects Get $300 Billion Boost Over 10 Years
Canada’s Pipeline Industry Takes Another Hit

Canada’s Pipeline Industry Takes Another Hit

Canada’s struggling oil industry has…

James Burgess

James Burgess

James Burgess studied Business Management at the University of Nottingham. He has worked in property development, chartered surveying, marketing, law, and accounts. He has also…

More Info

Israel To Offer Up Tantalizing Offshore Gas Exploration Blocks

Leviathan

The Israeli Energy Ministry is planning to offer up new offshore gas exploration licenses later this year, saying that the country’s undiscovered resources could make the supergiant Leviathan field pale by comparison.

The Ministry now estimates that there are around 2,200 billion cubic meters of undiscovered gas in its waters—“about double what we have discovered to date and four gas fields like Leviathan”, Energy Minister Yuval Steinitz told a recent conference.

The statement—along with the news that new offshore exploration blocks will go up for auction in the fall—comes only a few weeks after the government approved new gas legislation that allows the development of the Leviathan field to begin.

The new offshore block offering will be the first time in four years that Israel allows new exploration for oil and gas in its waters.

In terms of getting gas to the international market, the Energy Minister noted that the country was considering the construction of a new pipeline to Cyprus and onward to Greece, and is considering exports through pipelines to Jordan, Egypt and Turkey.

The Minister reiterated the position that Israel can eventually supply natural gas to Europe, which would significantly increase the country’s geopolitical standing.

"If this can be realized it will position Israel well from the geopolitical and geostrategic point of view. Israel can become a significant player,” Israeli media quoted Steinitz as saying.

The Minister also noted that developing more of Israel’s natural gas bounty could save the country from recession.

Related: Bribery, Corruption And Changing Contracts: Oil Investment In Iran

Earlier this month, the Energy Ministry slightly downplayed the potential of Leviathan, saying that it may be 20 percent smaller than its developers—U.S.-based Noble Energy and Israeli partner Delek—have previously estimated. But new drilling data, the Ministry said, could change that.

When it approved the development plan for Leviathan, the Ministry put estimated reserves at 17.6 trillion cubic feet of gas. Noble and Delek have previously estimated 21.9 trillion cubic feet, and they continue to stand by that estimate.

By James Burgess of Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News