Israel's Gas Reserves Could Last 150 Years

Gas exploration companies active in Israel have discovered enough natural gas to supply Israel’s domestic needs for the next 150 years, a report published by Bloomberg said.

The report said that the gas would be worth about $240 billion, equal to Israel’s annual economic output, based on today’s prices in the UK.

As the Ministry of Energy prepares to publish a blueprint for developing the fields later this month, officials say the country’s economy and security must come first and shipments abroad should be limited, the report said.

The report described Israel's ongoing debate over how to manage the gas discoveries. While many in Israel are lobbying to prevent exports and instead store gas reservoirs for times of need, others have called to make quick profits from gas exports by pipeline or ship.

“I’d be surprised if some of the gas in Israel isn’t stranded,” Nick Maden, a senior vice president for international exploration at Statoil, which has been examining the region’s potential told Bloomberg. 

Noble Energy's  Chief Executive Officer Charles Davidson was also quoted in the report as saying during a May conference that the company has found "far more natural gas that can ever be used in Israel."

The report also pointed to several strategic challenges that Israel faces in its gas fields, including security threats that deter prospective investors and territorial disputes with Lebanon.