Israel proposes undersea gas pipeline to Europe
The idea of an undersea gas pipeline to Greece emerged in response to the recent political tensions with Turkey.
30 August 10 12:54, Amiram Barkat
Sources inform ''Globes'' that Israel is considering building an undersea pipeline to export natural gas to Europe. The idea has been raised at the highest levels, including during a meeting last week between Prime Minister Benjamin Netanyahu and Greek Prime Minister George Papandreou.
The idea of Israel becoming a natural gas exporter will become realistic if the projections for the Leviathan prospect by Noble Energy Inc. (NYSE: NBL) materialize. In June, the company announced that the 3D seismic survey on the Leviathan structure found a fairly high 50% probability of geological success of a 16 trillion cubic foot (453 billion cubic meters) natural gas reservoir.
Noble Energy owns 39.66% of the Leviathan prospect, Delek Group Ltd. (TASE: DLEKG) units Avner Oil and Gas LP (TASE: AVNR.L) and Delek Drilling LP (TASE: DEDR.L) each own 22.67%, and Ratio Oil Exploration (1992) LP (TASE:RATI.L) owns 15%
This is enough to meet Israel's needs for 60 years at current demand projections. The Leviathan reserve comes on top of the Tamar find, which can meet Israel's needs for 30 years. Noble Energy and Delek also own Tamar together with Isramco Ltd. (Nasdaq: ISRL; TASE: ISRA.L) and Dor Alon Energy in Israel (1988) Ltd. (TASE:DRAL) unit Dor Alon Energy Exploration Ltd.
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