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Israel engineers are behind the development of the largest communications router in the world, launched by Cisco.

Sunday, February 27, 2011

Israeli gas reserves could serves as EU backup

Natural gas from offshore deposits in Israel could serve as a backup source of energy for the European community, Greek Deputy Minister for the Environment and Climate Change Ioannis Maniatis said in Israel. He arrived in Tel Aviv to prepare for Greek Prime Minister George Papandreou’s March visit, during which energy issues are expected to top the agenda, Platts reported. Greek officials in January started talks with Israeli officials about transporting gas from the offshore Leviathan field to European markets. The Noble Energy Company announced last month that the Leviathan gas field, which is located offshore near the city of Haifa in north Israel, holds an estimated 450 billion cubic meters of natural gas, positioning the country as a natural gas exporter. Lebanon, however, holds that Leviathan extends into its territory and Hezbollah warned Israel to keep away from the gas reserves.

The Houston-based Noble Energy Company, drilling for Israel's Delek fuel company, announced that it had discovered a huge deposit of natural gas at Leviathan gas field under the Mediterranean Sea near Haifa.

Estimated to contain 16 trillion cubic feet of gas the Leviathan field is believed to be the largest deepwater gas discovery in a decade.

Prime Minister Binyamin Netanyahu stated that this is a day of great optimism for the upcoming year.

Lack of natural resources has been Israel's Achilles' heel Because of worries about antagonizing current relationships with Arab partners. Now Israel could become an exporter of energy, also having enough reserves to supply Israel's gas needs for 100 years.