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Israel Billionaire Tshuva Strikes Gas, Fueling Energy Expansion  Bloomberg

April 22 (Bloomberg) -- Isaac Tshuva uses sugar packets on a table in the lounge of his Leonardo City Tower Hotel in Tel Aviv to mark the spots of three natural-gas fields off Israel that he said will fuel global growth of his energy business.

The Israeli billionaire, owner of New York's Plaza Hotel, said his Delek Group Ltd. and partners including Houston-based Noble Energy Inc. are now homing in on more deposits after last year announcing a record find in waters off Haifa, Bloomberg BusinessWeek reports in its April 26 edition.

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Delek-controlled companies and partners led by Noble Energy in January 2009 announced a find at the Tamar prospect that may hold 7.7 trillion cubic feet of gas (218 billion cubic meters), according to a survey by Netherland, Sewell & Associates Inc. That's more than twice the annual output of Norway, the world's second-largest gas exporter. The partners have secured about $11 billion in domestic gas commitments and expect output by 2012.

The Levant Basin, where Tamar is located and which stretches the length of Israel and Lebanon, may hold 227 trillion cubic feet of gas, the U.S. Geological Survey said in a report released April 8, its first review of the region.

 

"It is not necessary to have hope in order to persevere."
by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Wed Apr 21st, 2010 at 11:47:01 PM EST
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