Sunday, June 03, 2012

#39- AubreyJ’s Energy Update Report - Sunday, June 03, 2012


AubreyJ’s Energy Update Report
Potentially 6.7 trillion cubic feet of natural gas - 1.4 billion barrels of oil in Pelagic fields offshore Israel
Sunday, June 03, 2012
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Image by Noble Energy
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* Reuters brings us the following report and it starts off like this… Exploration firm Israel Opportunity said on Sunday there is potentially 6.7 trillion cubic feet (tcf) of natural gas and 1.4 billion barrels of oil at its Pelagic fields offshore Israel, with a relatively high probability for geological success… The estimate comes from a resources report, made by Texas-based petroleum consultant Ryder Scott, which covers five different sites about 170 kms off Israel's coast, the company said in a statement… Exploration groups have discovered large deposits of natural gas in the Eastern Mediterranean in recent years [see above area map] and a slew of oil and gas companies have bought into the licenses offshore Israel and Cyprus in hope of making the next big discovery…
Read this good news report in full at link below…
* Alarabiya.net had this Reuters report posted on their website May 24th and it starts off like this… Israel Land Development (ILD) Energy will begin drilling for oil and gas in the eastern Mediterranean at the start of June and within a few months hopes to verify its estimates of large deep-sea deposits, company CEO Ohad Marani said on Thursday… ILD Energy will be among the first exploration companies to drill off the coast of Israel, where natural gas production is set to soar in coming years following the discovery of some of the world's largest offshore reserves of the past decade… ILD Energy leads a group that owns drilling rights at the Myra and Sara fields where an estimated 6.5 trillion cubic feet (TCF) of natural gas lies beneath the sea floor. An estimated 151 million barrels of oil could be hidden beneath the gas deposits, as well…
Read the rest at link below

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UPDATE:
Monday, May 04, 2012
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* IsraelNationalNews.com has this take on the news and it goes in part like this… The new discoveries make it more certain of a virtual revolution in the Israeli economy, with anticipation that Israel will be energy self-sufficient in three years and soon after will be able to export gas and possibly even oil… The Tamar and Leviathan energy fields are being developed, and the infrastructure work has added thousands of skilled jobs to the labor market. Exporting energy probably will strengthen the shekel and help make it one of the strongest currencies in the world…
Read this report in full at link below…
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* AlArabiya.net reports… An Israeli company has said there is a high probability of further major natural gas deposits off the northern Israeli coast… A statement released on Sunday by the Israel Opportunity energy exploration partnership said that prospecting at the Pelagic group of deep-sea fields, west of Haifa, showed a potential 189 billion cubic meters (6.7 trillion cubic feet) of gas and 1.4 billion barrels of oil there… “The quantity of gas discovered in the licenses, and at high probabilities, are the third-largest discovered so far off Israel’s shores,” Chairman Ronny Helman said… “This quantity ensures Israel’s energy future for many decades,” he said…
Read this short report in full at link below…
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* AFP had this report posted up on their website mid Monday morning, June 4th, and it goes in part like this… Israel generates 40 percent of its electricity from natural gas and wants to raise that figure, reducing the use of more costly and polluting diesel and coal… Until last year, Egypt provided 43 percent of Israel's gas but the flow was regularly disrupted after the overthrow of former Egyptian president Hosni Mubarak in February 2011… In April this year, Egypt annulled the supply contract altogether…
Read the full report HERE
Image Credit- Delek Energy
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Meanwhile… Back in the States and back to local Politics,
I repost the following…
** Mitt Romney on Energy **
Taken from his Official Campaign website
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What’s at Stake
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Producing more domestic energy would create good jobs and bolster local economies in a wide variety of energy-producing regions that effectively “export” their product to the rest of the country. While countless jobs are engaged in the actual energy-production process, they are a small fraction of the full workforce that benefits. For instance, before the first barrel of oil is pumped out of the ground, entire industries are hard at work creating the equipment and providing the services used in drilling, production, and the long chain of supporting industries that brings energy from inside the earth to the consumer.
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The ripple effects into the non-energy sectors of the economy are commensurately important. If instead of sending hundreds of billions of dollars overseas we can send them to our own energy-rich centers, the nation as a whole will experience the economic benefits that we currently see other countries enjoying at our expense.
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Obama’s Failure
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Unfortunately, the first three years of the Obama administration have witnessed energy and environmental policies that have stifled the domestic energy sector. In thrall to the environmentalist lobby and its dogmas, the President and the regulatory bodies under his control have taken measures to limit energy exploration and restrict development in ways that sap economic performance, curtail growth, and kill jobs.
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The Obama administration’s energy policy has been simply incoherent. For instance, it has blocked off-shore drilling in U.S. waters while applauding increased drilling off the coast of Brazil. Similarly, it has blocked construction of a pipeline that would bring Canadian oil to the United States, knowing full well that the result would be Canadian oil flowing to China instead. And it has pursued numerous regulations that would drive up energy prices while destroying millions of jobs.
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As the Obama administration wages war against oil and coal, it has been spending billions of dollars on alternative energy forms and touting its creation of “green” jobs. But it seems to be operating more on faith than on fact-based economic calculation. The “green” technologies are typically far too expensive to compete in the marketplace, and studies have shown that for every “green” job created there are actually more jobs destroyed. Unsurprisingly, this costly government investment has failed to create an economic boom.
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Mitt’s Plan
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As president, Mitt Romney will make every effort to safeguard the environment, but he will be mindful at every step of also protecting the jobs of American workers. This will require putting conservative principles into action.
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Significant Regulatory Reform
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The first step will be a rational and streamlined approach to regulation, which would facilitate rapid progress in the development of our domestic reserves of oil and natural gas and allow for further investment in nuclear power.
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- Establish fixed timetables for all resource development approvals
- Create one-stop shop to streamline permitting process for approval of common activities
- Implement fast-track procedures for companies with established safety records to conduct pre-approved activities in pre-approved areas
- Ensure that environmental laws properly account for cost in regulatory process
- Amend Clean Air Act to exclude carbon dioxide from its purview
- Expand NRC capabilities for approval of additional nuclear reactor designs
- Streamline NRC processes to ensure that licensing decisions for reactors on or adjacent to approved sites, using approved designs, are complete within two years
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Increasing Production
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The United States is blessed with a cornucopia of carbon-based energy resources. Developing them has been a pathway to prosperity for the nation in the past and offers similar promise for the future.
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- Conduct comprehensive survey of America’s energy reserves
- Open America’s energy reserves for development
- Expand opportunities for U.S. resource developers to forge partnerships with neighboring countries
- Support construction of pipelines to bring Canadian oil to the United States
- Prevent overregulation of shale gas development and extraction
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Research and Development
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Government has a role to play in innovation in the energy industry. History shows that the United States has moved forward in astonishing ways thanks to national investment in basic research and advanced technology. However, we should not be in the business of steering investment toward particular politically favored approaches. That is a recipe for both time and money wasted on projects that do not bring us dividends. The failure of windmills and solar plants to become economically viable or make a significant contribution to our energy supply is a prime example.
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- Concentrate alternative energy funding on basic research
- Utilize long-term, apolitical funding mechanisms like ARPA-E for basic research
Taken from Mitt’s Official Campaign Website - MittRomney.com
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All I can say is… Thank GOD the Dems and Obama Administration don’t have any say-so over these Israeli fieldsThey’d NEVER get developed!
And you KNOW it to be so too…
AubreyJ………
ROMNEY2012
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