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Historically, Israel has imported natural gas through the Arish-Ashkelon pipeline from Egypt. [25] Egypt is the second-largest natural gas producer in North Africa. In 2005 Egypt signed a 2.5 billion-dollar deal to supply Israel with 57 billion cubic feet of gas per year for fifteen years. [26]
The Leviathan gas field is a large natural gas field in the Mediterranean Sea off the coast of Israel, [2] 47 kilometres (29 mi) south-west of the Tamar gas field. [3] The gas field is roughly 130 kilometres (81 mi) west of Haifa in waters 1,500 metres (4,900 ft) deep in the Levantine basin, a rich hydrocarbon area in one of the largest offshore natural gas field finds.
The economy of Israel is a highly developed free-market economy. [23] [4] [24] [25] [26] The prosperity of Israel's advanced economy allows the country to have a sophisticated welfare state, a powerful modern military said to possess a nuclear-weapons capability with a full nuclear triad, modern infrastructure rivaling many Western countries, and a high-technology sector competitively on par ...
BP and an oil company owned by the United Arab Emirates have shelved talks to buy a 50% stake in Israel’s leading natural gas producer, judging the $2 billion deal too risky as the war in Gaza ...
Oil plunged more than 6%. their biggest daily drop in more than two years after an expected Israeli retaliatory strike against Iran over the weekend spared the country’s petroleum infrastructure.
Between 2005 and 2012, Israel imported gas from Egypt via the al-Arish-Ashkelon pipeline, an arrangement that ended due to Egyptian Crisis of 2011-14. In 2017, Israel was producing over 9 billion cubic meters (bcm) of natural gas a year. [1] Israel had 1,087 billion cubic meters (cu m) of proven reserves of natural gas as of 2022. [2]
Oil traders face a changed world heading into the new week. With the sudden eruption of war in Israel, following surprise attacks by Hamas, fear and uncertainty in markets could drive up crude oil ...
In March 2012 the Tamar partners signed a 15-year, US$14 billion deal with the Israel Electric Corporation to supply it with 42 billion cubic meters (BCM) of natural gas, with an option to increase the gas purchases up to $23 billion. By March 2012, the consortium developing Tamar had signed deals worth up to a total of $32 billion with six ...