Gas Discovery Already the Bright Spot in Israel’s Economy

February 18, 2009 by · Leave a Comment 

One bright spot in Israel’s financial markets. Today Israel’s Haaretz news organization posted a fairly bleak story on Israel’s financial markets. (http://www.haaretz.com/hasen/spages/1065141.html) Nothing new in that; stories of down markets are the daily fare in the midst of our worldwide economic meltdown. There was, however a bright spot (brilliant bright!) “Isramco, a main partner in the Tamar-1 exploration that found the huge field of gas off the Haifa shore, exploded upwards again, closing 24% higher on huge turnover of NIS 90 million.” Stock value in Delek Group, also a partner in the Tamar-1 gas discovery, has more than doubled in the last two months. Could Israel’s massive gas discovery (and possibly and oil discovery in the near future) play a major role in saving Israel’s economy? It looks like it already is. Just so you know, here are the partners in the Tamar -1:

Who all is involved in Israel’s offshore gas discovery? Just so you know, here are the partners in the Tamar -1:

1. Noble Energy: 36 percent (Houston, TX, ticker symbol: NBL – NYSE, http://www.nobleenergyinc.com)

2. Isramco Negev: 28.75 percent (Petach Tikvah, Israel, ticker symbol: ISRA.L – TLV)

3. Avner Oil Exploration: 15.625 percent (Petach Tikvah, Israel, ticker symbol: AVNR.L – TLV)

4. Delek Drilling: 15.625 percent (Netanya, Israel, ticker symbol: DEDR.L –TLV, http://www.delek.co.il )

5. Dor Gas Exploration: 4 percent (Yakum, Israel)