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Israel to give the green light to offshore gas exploitation

Israel’s government has given green light for the exploitation of offshore natural gas reserves, marking an important milestone for the nation’s economy.

Israel energy company Delek Group will create a consortium with the US-based Noble Energy, collaboration aimed to increase the quantity of natural gas produced at the Tamar field in the Mediterranean Sea. The deal also calls for rapid development of Leviathan natural gas field, that both companies control and considered one of the largest in the region, with an estimated 18 trillion cubic feet of reserves. Under the agreement terms, Delek Group will divest its 31 percent stake of the offshore gas field within a period of six years and Noble would reduce its holdings from the existing 36 percent to 25 percent. However, the agreement needs to be approved by a parlamentary vote. If it gets the go-ahead, it will also make Israel become a gas exporter and provide it with strategic leverage in the region. Contact for more information: Source: energynews@energymarketprice.com.