Sunday, May 26, 2013

Israel In Gas Bonanza As New Field Discovered

Vilified, ostracised, threatened in the Middle East, Israel is about to join the Gulf Arab states as a fossil fuel giant that could tie it closer to its neighbours and Western Europe.

A natural gas bonanza is about to begin. By the end of this year Israel will be looking to shift the production of electricity to gas-powered generators producing half the Jewish state's wattage.

The change will save it $12bn (£8m), which was the net extra cost caused by the need to import coal to cover the huge drop, from 40% of fuel for electrical generation to zero, caused by the destruction of gas pipelines from Egypt by militant groups.