October 25, 2010

ISRAEL AS FOSSIL FUEL GIANT? How Many Ways Could this Change the Game? “A preliminary geological survey has indicated that there might be about 26 million barrels of recoverable oil a mile under the sand near two kibbutzim in the northern Negev. That would amount to about $2 billion at current prices. There might be 12 million additional barrels further down. This news comes a day after drilling began on the Leviathan, a record-setting exploratory well in a massive natural gas field off the coast of Haifa. The area is thought to contain 16 trillion cubic feet of gas, and it might also contain oil.” It would be amusing if big Israeli reserves were to come online as Saudi and Iranian production passed the peak. . . .

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