A US-based oil and gas firm has “confirmed the discovery of a huge offshore gas field called Leviathan, 130km off the coast of the Mediterranean port of Haifa”.
Texas-based Noble Energy has been drilling in the area with Israeli partner Delek Energy, in Tamar.
Leviathan is estimated to have 450 billion cubic meters of gas and there is talk of geopolitical implications because Israel has always been dependent upon imports for energy needs.
Experts pointed to a world glut in natural gas that may exclude Israel from becoming an exporter but a steady supply of natural gas maintaining stable pricing would have a an impact on trade in the area and allow for the development of non energy related natural gas products.
