Bible prophecy update: Israel discovers another 16 trillion cubic feet of natural gas

Posted: January 7, 2011 in Israel, Middle East, Oil
Tags: ,

Image: Natural gas rig off the coast of Haifa, Israel. Photo credit: Noble Energy.

Excerpted from Joel Rosenberg email update 31 Dec 2010

“… a trail of prophetic clues found in the Hebrew Scriptures that some believe (myself included) indicate that in the “last days” the nation of Israel will be blessed by discovering huge reserves of petroleum that will make Israel quite wealthy.

Those clues suggest Israel will be able to “dip his foot in oil” and draw “oil from the flinty rock.” The Jewish people will find “hidden treasures in the sand” and an “abundance of the seas.” This newfound wealth in the last days will certainly be a blessing for Israel, but it will also draw enemies and may very well help trigger the “War of Gog and Magog” when the nations ask the leaders of the Russian-Iranian alliance that comes against the Jewish state, “Have you come to capture spoil [from Israel]? Have you assembled your [military forces] to seize plunder, to carry away silver and gold….to capture a great spoil?”

Are such prophecies now coming to pass? Are such headlines further evidence that we are living in the “last days” before the return of our Lord Jesus Christ? It’s a story worth keeping an eye on, to be sure. “

Joel’s weblog: http://flashtrafficblog.wordpress.com

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Discovery of giant gasfield sparks frenzy in Israel
The National online 31 Dec 2010

The discovery of the largest gasfield in the eastern Mediterranean set off a frenzy yesterday in Israel, which has long depended on imported energy.

The Leviathan field, estimated to hold 16 trillion cubic feet (tcf) of gas worth more than US$95 billion (Dh348.93bn), was discovered by Noble Energy and its partners 130km offshore from Haifa, the northern Israeli port.

The discovery will “impact many fields in Israel,” Uzi Landau, Israel’s infrastructure minister, said after the announcement.The discovery is almost three times as large as the nearby Tamar gasfield that a group led by Noble struck two years ago.

It is four times as big as Egypt’s largest gasfield and eight times larger than the Gaza Marine gasfield…

The twin Tamar and Leviathan discoveries mean Israel has more than enough gas to fuel its power stations for decades. It currently depends on Egypt for much of its gas supply.

Israel’s gas find has sparked a trading frenzy in Tel Aviv and New York. The shekel gained as much as 0.8 percent to 3.5432 per dollar, the highest level since October 2008.

Shares of local oil and gas companies have shot up this year, but many pulled back yesterday as investors realised that the path to bringing Leviathan’s gas on stream might not be smooth.

One factor is that Noble, based in the US, and its Israeli partners, Delek Energy, Avner Oil Exploration and Ratio Oil Exploration, are nervous about the deteriorating environment for oil and gas investment in Israel.

“Realising the potential of Leviathan requires from the developers enormous investment in infrastructure to export gas,” said Gideon Tadmor, the chief executive of Delek Energy, a unit of Delek Group.

Yoram Turbowitz, the group’s chief executive, told Israel’s Haaretz newspaper he was experiencing “a sense of success mixed with worry and concern that we will not be able to utilise the huge discovery … to its limits”.

“[It] will demand enormous investment in infrastructure. The state will need to assist with regulations, planning and accompanying what will become the largest infrastructure project in the country,” he added….

At least part of the 325 square kilometres covered by the Leviathan field lies within waters contested between Israel and Lebanon. The two neighbours do not have diplomatic relations and their maritime border has not been formally demarcated. Beirut stated this year that part of the Leviathan prospect lay within Lebanese territory.

In August, Lebanon’s government passed the country’s first oil exploration law. Gibran Bassil, the oil minister, said the first auction of offshore exploration licences could be held just over a year from now.

The border disputes may not stop there. This month, Israel and Cyprus reached an accord on their border that was promptly rejected by Turkey.

http://www.thenational.ae/business/energy/discovery-of-giant-gasfield-sparks-frenzy-in-israel?pageCount=0

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