Tests Show Big Natural Gas Find Off Israeli Coast
29 December 2010
Israel is hailing a recently discovered natural gas field off the Israeli coast, saying it could turn the country into a major exporter.
U.S.-based Noble Energy Wednesday confirmed that the so-called Leviathan gas field contains an estimated 450 billion cubic meters of natural gas.
Noble said the field represents its biggest find ever, while Israeli Infrastructure Minister Uzi Landau called the discovery "the most important energy news since the country was founded."
Some analysts say the find could be worth as much as $95 billion.
[...]
Noble Energy is also working with the Mediterranean island of Cyprus to tap natural gas reserves off its shores.
Earlier this month, Israel and Cyprus signed a deal defining the sea border between the two nations.
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