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
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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 fields… They’d NEVER get developed!
And you KNOW it to be so too…
AubreyJ………
ROMNEY2012
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