• 1 hour Here’s Your Chance To Blow Up An Oil Pipeline
  • 3 hours Shell Restarts Bonny Light Exports
  • 4 hours Russia’s Rosneft To Take Majority In Kurdish Oil Pipeline
  • 10 hours Iraq Struggles To Replace Damaged Kirkuk Equipment As Output Falls
  • 15 hours British Utility Companies Brace For Major Reforms
  • 19 hours Montenegro A ‘Sweet Spot’ Of Untapped Oil, Gas In The Adriatic
  • 21 hours Rosneft CEO: Rising U.S. Shale A Downside Risk To Oil Prices
  • 22 hours Brazil Could Invite More Bids For Unsold Pre-Salt Oil Blocks
  • 23 hours OPEC/Non-OPEC Seek Consensus On Deal Before Nov Summit
  • 1 day London Stock Exchange Boss Defends Push To Win Aramco IPO
  • 1 day Rosneft Signs $400M Deal With Kurdistan
  • 1 day Kinder Morgan Warns About Trans Mountain Delays
  • 1 day India, China, U.S., Complain Of Venezuelan Crude Oil Quality Issues
  • 2 days Kurdish Kirkuk-Ceyhan Crude Oil Flows Plunge To 225,000 Bpd
  • 2 days Russia, Saudis Team Up To Boost Fracking Tech
  • 2 days Conflicting News Spurs Doubt On Aramco IPO
  • 2 days Exxon Starts Production At New Refinery In Texas
  • 2 days Iraq Asks BP To Redevelop Kirkuk Oil Fields
  • 3 days Oil Prices Rise After U.S. API Reports Strong Crude Inventory Draw
  • 3 days Oil Gains Spur Growth In Canada’s Oil Cities
  • 3 days China To Take 5% Of Rosneft’s Output In New Deal
  • 3 days UAE Oil Giant Seeks Partnership For Possible IPO
  • 3 days Planting Trees Could Cut Emissions As Much As Quitting Oil
  • 3 days VW Fails To Secure Critical Commodity For EVs
  • 3 days Enbridge Pipeline Expansion Finally Approved
  • 3 days Iraqi Forces Seize Control Of North Oil Co Fields In Kirkuk
  • 3 days OPEC Oil Deal Compliance Falls To 86%
  • 4 days U.S. Oil Production To Increase in November As Rig Count Falls
  • 4 days Gazprom Neft Unhappy With OPEC-Russia Production Cut Deal
  • 4 days Disputed Venezuelan Vote Could Lead To More Sanctions, Clashes
  • 4 days EU Urges U.S. Congress To Protect Iran Nuclear Deal
  • 4 days Oil Rig Explosion In Louisiana Leaves 7 Injured, 1 Still Missing
  • 4 days Aramco Says No Plans To Shelve IPO
  • 7 days Trump Passes Iran Nuclear Deal Back to Congress
  • 7 days Texas Shutters More Coal-Fired Plants
  • 7 days Oil Trading Firm Expects Unprecedented U.S. Crude Exports
  • 7 days UK’s FCA Met With Aramco Prior To Proposing Listing Rule Change
  • 7 days Chevron Quits Australian Deepwater Oil Exploration
  • 7 days Europe Braces For End Of Iran Nuclear Deal
  • 8 days Renewable Energy Startup Powering Native American Protest Camp
Alt Text

Oil Fundamentals Overturn Geopolitical Risk

Geopolitical risk from Iraq and…

Alt Text

The Energy War That Erdogan Is Winning

The Turkish Republic of Northern…

Gazprom Now Interested in Eastern Mediterranean

Gazprom Now Interested in Eastern Mediterranean

The energy-poor states of the eastern Mediterranean – Israel, Lebanon and Turkey, have long been at odds have to how to divvy up their portions of the offshore eastern Mediterranean.

Israel is the wild card on the equation – as the authoritative U.S. government’s Energy Information notes in its Israel “Country Analysis” brief, “Given that Israel's total primary energy demand is significantly higher than its total primary energy production (1.0 quadrillion Btu versus 0.1 quadrillion Btu in 2011) the country relies heavily on imports to meet its growing energy needs. As of January 2013, the Oil & Gas Journal estimated Israel's proved reserves of oil at 12 million barrels and its proved reserves of natural gas at 9.5 trillion cubic feet (Tcf). While neither figure places Israel in the top-40 globally, these totals are significantly higher than they were a few years ago and position Israel to develop its hydrocarbon potential. Energy exploration over the past several years uncovered significant natural gas resources in Israel, primarily in the country's offshore areas.”

Related article: Kashagan: A Giant in the (Painfully Slow) Making

The key term here is “offshore.”

Like Turkey, Israel is a net energy importer –in 2010 Israel produced a mere 4,029 barrels per day of oil, but imported 238,000 bpd, according to the U.S. Central Intelligence Agency.

Natural gas?

In 2009, Israel produced 1.55 billion cubic meters, but consumed 3.25 bcm. Israel imports all of its oil and coal and 70 percent of its natural gas needs, leaving the government deeply interested in developing indigenous alternatives, especially as the “Arab Spring” led to Egypt halting its natural gas exports.

In March 2010 the U.S. Geological Survey released its survey of the Levant Basin, which concluded that the waters of Israel, Lebanon and Republic of Cyprus potentially contained at least 50 trillion cubic feet of natural gas yet to be discovered and that in total the Levant Basin could contain as many as 227. trillion cubic feet of natural gas and 483 million barrels of oil.

Related article: First Floating LNG Game-Changer for Uruguay

Accordingly, it is no less a question of what lays beneath the waves, but whom it might belong to.

And now, the picture gets ever more murky.

Lebanon and Israel do not have a peace treaty, and Beirut has repeatedly complained that Israel is encroaching upon its offshore Mediterranean waters

Does Israel really want to take on Gazprom and the powers behind it?

By. John C.K. Daly of Oilprice.com




Back to homepage


Leave a comment

Leave a comment




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