And then, Lebanon was annexed by Iran
I think the bigger the gas and oil bonanza offshore Lebanon is, the higher the incentive is for lebaneses to drop their support from the iranian paychecks and sponsorship. But that's a wishful thinking...
Last edited by Ren987; 06-25-2010 at 01:47 PM.
And then, Lebanon was annexed by Iran
Tshuva: I'll gladly help Lebanon search for gas
Billionaire dismisses Lebanese claim to natural gas his group found in Mediterranean, but says seismographic tests indicate there is large amount of gas in northern neighbor's territorial waters. Finance minister: All Israelis should profit from finds
Lebanon can benefit from the discovery of off-shore gas fields in its territorial waters, billionaire Yitzhak Tshuva told some 4,000 haredi businessmen in Jerusalem last Thursday during a conference sponsored by the Hamodia daily.
Noble Energy Inc. and Israeli companies controlled by Tshuva have announced two finds in the past year-and-a-half that may hold 24 trillion cubic feet of gas. Lebanese officials have said the gas may extend into the country's waters.
Hezbollah vows to 'defend Lebanese gas' / Roee Nahmias
In interview with al-Manar television, Hezbollah Deputy Secretary General Sheikh Naim Qassem said that organization will not hesitated to use 'all means' in order 'to exercise Lebanon's sovereignty over its natural treasures.' He accuses US of being biased towards Israel
Israel’s National Infrastructure Ministry said the finds, Leviathan and Tamar, lie about 130 kilometers (81 miles) and 90 kilometers, respectively, off Israel in the Mediterranean Sea. Delek Drilling-LP, one of the fields’ partners, said recently that the licenses are in waters where Israel has authority.
"If there is gas within Lebanon's territory, we will be willing to share with them (Lebanese authorities) all the information we have regarding the search for natural gas in exchange for real peace," Tshuva told the conference.
He reiterated that Leviathan and Tamar were in Israeli territory alone, despite Lebanon's claims to the contrary. "There is no argument over the fact that the finds are in Israeli territory, but seismographic data indicate there is a large amount of gas in Lebanese territory as well," Tshuva said.
A senior source in Delek, which is controlled by Tshuva, said, "Obviously, our group has not conducted seismographic tests in Lebanese territory, but tests conducted in Israeli territory showed there is natural gas within Cyprus and Lebanon's territorial waters.
"The group has already signed a contract to produce gas in Cyprus, and we can sign a similar agreement with Lebanon – under peaceful conditions," said the source.
The conflict between Israel and Lebanon over the natural gas reserves has led to threats of violence from both sides.
Israeli and Lebanese maps of the Mediterranean Sea are not coordinated. For example, Lebanese maps indicate Israel's northern border stretches west of Rosh HaNikra grottoes whereas Israeli maps mark it west of Metula.
During the conference, Tshuva also addressed the entrepreneurs' dispute with the Finance Ministry regarding the amount of royalties the state is entitled to. "Every Israeli citizen will benefit from the gas reserves, but those who are trying to constrain the entrepreneurs may hurt the economy," he said.
Finance Minister Yuval Steinitz, who has set up a committee tasked with determining whether the amount of royalties the gas companies are obligated to pay the government is sufficient, recently said, "The Land of Israel belongs to the people of Israel, and the profits from the (natural) resources should be distributed among all citizens."
"We are in favor of the free market and profits for entrepreneurs, but the profit margin must be reasonable and match the existing standards in the West," the finance minister added.
Ive discussed the 3 TCF field off of Israel with a few professionals who deal with gas and oil exploration, and they confirmed tha tthe 'hype' is fairly accurate and realistic. Although lets face it 3 tcf is not going to make israel a commodity based economy either
Also, libnani girls are much more pleasant face to face, when they are not talking about israel (or gas)
Sorry for the bump, but I found something intersting regarding the drilling on Ynet (only found in Hebrew so far):
The article says that in contrast to Lebanese claims, which say that we stole naval territory from them to get the gas, after a joint study by Lebanon itself with Cyprus to map the naval borders, it appears that Israel actually "gave up" naval territory to Lebanon.
How about that?
Will be interesting to see how Israeli energy policy develops with cheap gas from egypt and offshore gas.
Noble Energy mapped the gas prospects in the offshore licenses they acquired both in Israel and Cyprus
The scramble for East Mediterranean gas is on
Oct 4, 2010
By Eric Watkins
Israel's Prime Minister Benjamin Netanyahu, seeking to strengthen political ties with Europe, recently suggested to Greece's Prime Minister George Papandreou that his country could soon be importing natural gas by undersea pipeline from Israel.
Netanyahu was referring to the newly discovered gas fields in the Mediterranean off Israel, where Noble Energy Inc. and its partners said a 3D seismic survey on the Leviathan structure found a reservoir that could contain an estimated 453 bcm of gas.
The survey covered five sectors: Amit, Rachel, David, Hanna, and Eran, which are licensed to the Delek Group through Delek Drilling and Avner Oil Exploration with a joint 45% stake, Noble 40%, and Ratio Yam 15%.
Noble also surveyed the Alon A and Alon B sites, which are licensed to Delek 53% and Noble 47%, as well as the Block 12 exploration area in Cyprus waters. The concession there is held by Noble, and the Delek Group has an option for a 30% stake in that site.
The amount of gas in the Leviathan structure is thought to be sufficient to meet Israel's domestic consumption for 60 years at current demand projections (Figs. 1 and 2). Added to Tamar, discovered earlier in the same area, Israel now has more than enough gas to meet domestic demand for 90 years, according to estimates.
Exploratory drilling at Leviathan is expected to take place in the final quarter of 2010, though a drilling plan wasn't complete at this writing Sept. 7. Nor, apparently, had the funds been allocated to carry it out. The exploration partners reportedly need to find buyers, and soon, to improve their cash flow.
Geographically, Europe is the most natural market for Israeli gas. It is politically expedient, too. Exporting natural gas to Europe would strengthen Israel's political links, while reducing European countries' anxiety over their heavy dependence on Russian gas.
Noble's activities in the East Mediterranean attracted the attention of other governments in the region, with offshore licensing rounds now expected in Lebanon, Cyprus, and Syria by early 2012. Indeed, analyst BMI said it expects the region's resource potential "to attract significant investor attention."
But there is also a certain amount of friction being generated, with the Lebanese government expressing concern that the Israeli fields might extend into Lebanese territorial waters. Lebanon's Energy Minister Gebran Bassil even said "it is very clear" that Israel's "intentions are to aggress our resources."
Predictably enough, the Lebanese militant group Hezbollah has jumped into the fray, vowing that it will defend the country's "natural treasures," while Israel's National Infrastructure Minister Uzi Landau has warned that Tel Aviv would respond "with all of our ability to protect our interests."
To catch up with Israel's efforts to commercially exploit the offshore resources, Lebanon's parliament on Aug. 17 passed a new energy law, described by Bassil as paving the way to the country's first offshore licensing round in early 2012. But independent analysts cast doubt on Lebanon's ability to capitalize on the situation for a variety of reasons.
"The Lebanese government has rushed through a law that will allow for licenses to be issued for offshore oil and gas exploration," said the Economist Intelligence Unit.
"However, many crucial details on the regulatory framework remain to be clarified, and the law's main purpose appears to be political, as a reaction to the rapid development of Israel's offshore gas prospects," the EIU said.
That view was shared by BMI, which said Lebanon faces "a myriad of additional challenges" that continue to make the analyst cautious over the country's ability to establish an oil and gas industry under such a tight time frame.
"The ministry must delineate exploration blocks, acquire basic data on those blocks, pass the data on to interested companies, select qualified bidders and finally solicit bids and award licenses," BMI said.
Syria, Cyprus license hopes
Meanwhile, Syria is expected to launch a licensing round in late 2010 or early 2011 for four offshore blocks covering 5,000 sq km.
In the hopes of improving their chances of success, the Syrians are said to be acquiring additional data on the blocks, which failed to attract bids when offered in mid-2007.
Cyprus also expects to launch an offshore license round, its second, in the first half of 2011. The country's first round attracted little interest from international oil companies, which were concerned over the risks of acquiring acreage that was subject to Turkish territorial claims.
All in all, the greatest chance of success seems to be with Israeli efforts to exploit the offshore reserves, with other countries in the region largely looking on.
Excellent work Ren987
Mari-B field is estimated at 500 bcf= 14 BCM
Tamar is 7.7 TCF= 218 BCM
Iran to begin Lebanese offshore oil exploration
Iran will conduct a 3D seismic survey to map possible oil and natural gas-structures in fields it claims are controlled by Lebanon and Israel.