• 4 minutes Oil Price Editorial: Beware Of Saudi Oil Tanker Sabotage Stories
  • 7 minutes Mueller Report Brings Into Focus Obama's Attempted Coup Against Trump
  • 11 minutes Magic of Shale: EXPORTS!! Crude Exporters Navigate Gulf Coast Terminal Constraints
  • 14 minutes Wonders of Shale- Gas,bringing investments and jobs to the US
  • 9 hours Trump bogged down in Mideast quagmire. US spent $Trillions, lost Thousands of lives, and lost goodwill. FOR WHAT? US interests ? WHAT INTEREST ? . . . . China greatest threat next 50 years.
  • 41 mins Why is Strait of Hormuz the World's Most Important Oil Artery
  • 15 mins Level-Headed Analysis of the Future of U.S. Shale Oil Industry
  • 12 hours Struggle For Supremacy: Kremlin Condemns Alleged U.S. Ultimatum To Turkey Over Missile Deal
  • 5 hours Apple Bid To Buy Tesla in 2013 For $240 a Share
  • 10 hours Another surprise 'build'
  • 17 hours Solar Cheaper than Coal
  • 9 hours CLIMATE PANIC! ELEVENTY!!! "250,000 people die a year due to the climate crisis"
  • 8 hours California's Oil Industry Collapses Despite Shale Boom
  • 9 hours IMO2020 To scrub or not to scrub
  • 9 hours IMO 2020 could create fierce competition for scarce water resources
  • 14 hours Compensation For A Trade War: Argentina’s Financial Crisis Creates An Opportunity For China
  • 10 hours Global Warming Making The Rich Richer
Bearish EIA Data Sends Oil Lower

Bearish EIA Data Sends Oil Lower

Oil fell on Wednesday morning,…

Israel to Invest in Navy to Protect Giant Natural Gas Fields

Back in 2009 Israel discovered huge natural gas reserves just off its Mediterranean coast. These reserves have been estimated to be in the region of 950 billion cubic metres, and a surge in exploration means that by the end of the year there should be 18 new platforms drilling for gas.

The growth of these fields offers a new problem to Israel. The investment going into these new platforms, and the economic importance that they are growing to represent, must be protected. The offshore platforms are ripe targets for attack, and this means that Israel’s underfunded navy has just found itself in demand.

From the outset, as reassurance to foreign firms investing in the development of the reserves, the Israeli government has stated its intentions to protect the new gas fields.

Captain Ilan Lavi, head of the navy’s planning department, explained that “the gas fields are a strategic asset and Israel will defend them. They may not be too complicated to attack, but we are aware of the threats and are prepared for them.”

Relative article: How Long will the LNG Train Keep-a Rollin'?

Currently the navy is underequipped to adequately patrol the waters and protect the drill rigs.

He suggested that they will “have to build an entire new defensive envelope. But you can't have a defence system that costs more to build than the gas itself.”

The platforms are within rocket range of the Gaza Strip which is ruled by the Palestinian Islamist group Hamas; and the Shi’ite military group Hezbollah poses an even bigger threat from Lebanon. Then there are other enemies such as Iran, and various Islamist groups from Iraq.

Lavi suggests that a suitable defence system would cost $700 million to deploy, and then $100 million a year to maintain.

By. James Burgess of Oilprice.com



Join the discussion | Back to homepage

Leave a comment

Leave a comment

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