Israel discovers major gas field

This is a gigantic Chanukkah present for the state.

Dec 18, 2014, 12:12PM | Rachel Avraham

Photo Credit: Channel 2

A new natural gas source called Royee was discovered 90 miles off Israel’s shores that possess at least 3.2 trillion cubic feet of gas. According to a report in the Jewish Business News, the oil field is the fourth largest in the Mediterranean region and the drilling will begin in December 2015. According to the Business Insider, Israel discovered two other oil fields as well in 2009 and 2010 that are capable of providing 33 trillion cubic feet of natural gas reserves. The report claims that these three oil fields are capable of providing Israel with all of its natural gas needs for the next century, thus dramatically changing a situation where Israel used to need to rely completely upon the importation of coal and other energy sources. It also opens up the opportunity that Israel can be a natural gas supplier for Egypt, Jordan, and the Palestinian Authority.

“At the national level, the news means a lot,” Eyal Shuker, CEO of Israel Opportunity, told Haaretz. “We have learned that the Levantine basin holds reservoirs at other depths and I hope the next government will exploit the opportunity by encouraging entrepreneurs to continue the exploring and developing. Our strategy of diversification of assets and risks has proven itself.”

Arutz Sheva reported that the license of the Royee oil field is possessed mostly by Israel. Israel’s Ratio 0il possesses 70%, Israel Opportunity has 10%, and the Italian company Edison only has 20%. This latest discovery around the holiday season gives a whole new meaning to the term “Chanukkah gelt,” as it represents a gigantic Chanukkah present for the State of Israel.