Today: March 11, 2010

 

New Gas Could Be Worth $7billion

Posted: Mon 8th February 2010 1.37 PM  | Author: ICEJ

A Canadian oil company has announced that it has found two more huge fields of up to 6 trillion cubic feet of natural gas resources off Israel’s northern coast, which could potentially be worth up to $7.54 billion.

The Bontan Oil and Gas Company has been searching for natural gas off the coast of Haifa and will have a 71.625% interest in the prospects through its 75% equity share of the Israel Petroleum Company which has rights to drill and permits to explore in Israel.

The prospects are located just south of the Tamar and Dalit prospects where natural gas estimated to be worth up to $40 billion was found last year.

In other news, foreign investments in Israel totaled $533 million in December, the Bank of Israel reported on Tuesday. Direct investment, mostly in biotechnology companies, “increased at a faster rate in recent months than previously,” the Bank of Israel said.

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