Will the Egyptian Natural Gas Find Affect Israel?

(Jerusalem Post) Sharon Udasin - On Sunday, the Italian energy giant Eni announced the Mediterranean's largest known gas field off the Egyptian coast, the 849 billion cubic meter Zohr field, which is significantly larger than Israel's biggest field, Leviathan, which is 621 b.cu.m. Last year, the natural gas companies operating in Israel's waters signed letters of intent to provide 71 b.cu.m. to Spanish Union Fenosa's Egyptian liquefied natural gas plant and 105 b.cu.m. to the British Gas LNG plant in Egypt. Miki Korner, former chief economist for Israel's Natural Gas Authority, noted Monday that the Zohr reservoir is located 200 km. from the Egyptian coast and contains clay rather than sand - conditions that could make development take at least six years. Moreover, Egypt already has a number of other undeveloped reservoirs with about 2,000 b.cu.m. of gas.

2015-09-01 00:00:00

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