ISRAEL MONOPOLISES GAS FIND ON EGYPT BORDER

Tel Aviv, 23 Safar 1436/17 December 2014 (MINA) –  Israeli gas companies announced on Sunday details of a new gas find in the Mediterranean off the Israeli coast, Middle East Monitor (MEMO) quoted by Mi’raj Islamic News Agency (MINA) as reporting, Wednesday.

Named Royee, it is said by the Israeli media that the field may contain around 3.2 trillion cubic feet of natural gas. However, according to Egyptian website Alamat Online the field is located on the border of Egypt-Israel territorial waters; Israel, it complained, is monopolising the resource.

Ratio Oil and Israel Opportunity Energy Resources said that a seismic survey of the Royee field indicated that it contained huge amounts of natural gas. Economists quoted by the Times of Israel say that the gas may not be extracted in the near future because there is so much in two other fields, Leviathan and Tamar. The two companies hold 70 per cent and 10 per cent stakes in the field respectively; the balance is held by Italian power company Edison.

Israel Opportunity CEO Eyal Shuker, said the Times of Israel, is positive that gas from the Royee field will eventually be used in Israel or abroad. He expressed himself to be “very satisfied” with the results of the survey. “On a national level, the Royee discovery is also important,” Shuker added. “We are beginning to understand that the Levant basin has many energy resources.”

Shuker pointed out that he is hopeful that the Israeli government will take the opportunity to encourage entrepreneurs to continue their exploration and development of the area, “to ensure a better and safer future for Israel.”(T/R04/P3)

Mi’raj Islamic News Agency (MINA)