Israel Discovers 6.3 Trillion Cubic Feet in Natural Gas Reserves

Earlier this summer, Israel reported natural gas reserve findings discovered near Hafia.  It seems now as though the amount of natural gas uncovered is much higher than initial estimates back in July.

Yitzchak Tshuva, CEO of Delek Energy, said “Israel today is independent – completely independent with blue and white [Israeli-made] energy.”

It is being reported that with this finding, Israel will have the ability to be energy self-sustaining nationwide for up to two decades.  The company mainly responsible for the project, Noble Energy, released a statement in the wake of these reports confirming that Israel would in fact be able to harvest enough energy to be self sufficient for two decades.

“With drilling at Tamar and Dalit, we have already confirmed a very substantial amount of natural gas resources, perhaps over two decades of future supply based on projected needs,” said Charles D. Davidson, Noble’s CEO.

Project coordinators predict that the gas will be available as energy as early as 2012.  Profits retained from the local natural gas could be as high as $35 billion with a total of 6.3 trillion cubic feet of gas estimated to be inside the recently discovered reserves.

The findings bring good news for energy companies such as Israel Electric Corp which remarked recently that they generate 40% of their electricity using natural gas.

Special thanks to cleantechnica.com for the above quote, for more information please view the article on their website.