Monday, January 3, 2011

‘Leviathan’ contains enormous amount of natural gas

Last Wednesday, results from electrical log tests of the offshore Leviathan field northwest of the port of Haifa confirmed a natural gas reserve containing 16 trillion feet of gas. This makes it, the largest of its kind discovered in the world in the last decade, with the potential to make Israel a natural gas exporting nation. The worth of the finding is estimated to exceed $45 billion, and will further strengthen the already booming Israeli economy which has increased its gross domestic product with 4.5 percent from a year ago. Uzi Landau, Minister of National Infrastructure called the discovery “the most important piece of energy news since the founding of the state” and added that the greatest earnings for the discovery would be felt by the citizens of Israel.

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