You Won’t Believe What They Found Offshore Egypt – This Will Change A Lot For Israel
It has been a few years now since a Texas company, Nobel Energy, found massive gas deposits off of the Israeli coast.
This find has changed the energy reality in Israel. It has also caused a lot of regulatory fighting within the Israeli government. (Zion Oil & Gas knows directly how Israel’s government can drag their feet.)
The find for Israel was so large, Israel was planning deals to export gas to Europe, Jordan, and even to Egypt.
But, this may quickly change.
An Italian company, Eni, has discovered what they are calling a “supergiant” find.
According to the Times of Israel:
The latest discovery — potentially 30 trillion cubic feet of gas — represents about half of Egypt’s current needs, and would add to its current 65 trillion cubic feet, cut its trade deficit and bring in tax revenue when it comes online in some five years…
While this find is not expected to bring in “Arab Gulf kind-of-wealth”, this will boost Egypt’s economy dramatically and likely stabilize the current government that opposes Islamist factions.
We will occasionally bring you news and information about oil and gas. Our hope would be that these articles highlight the importance for continued oil and gas exploration in Israel with the goal of energy independence for Israel.