By Micah Halpern
I've Been Thinking:Yesterday Isramco, an energy exploratory and investment group, announced that they have hit natural gas at the Shimshon #1 rig in the Mediterranean Sea.
The drilling rig is about 60 miles off the coast of Ashkelon, Israel.
Isramco dug 4400 meters deep and struck the natural gas. The exploratory dig began in April. Now that they have found the gas, they need 35 days to properly test the gas and evaluate production.
They already have a very good sense of the size of the natural gas deposits.
This is a very good sign for Israel and for the region. It will free Israel of external dependency upon natural gas and even permit them to export excess natural gas. In addition, it will further put the natural gas option front and center as a viable alternative to oil for Israel.
This find by Aramco is also a good sign for breaking the monopoly on Israeli energy exploration which, until now, has been exclusively been in the hands of the Nobel and Delek group.
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