The development plans for the Tanin and Karish offshore oil fields in Israel are officially going to be taken into effect!
According to the development plans which were recently revised by Israel’s National Planning and Building Commission, the Karish oil reservoir will begin development first. The Tanin reservoir will follow and its pace of development will be according to the how the demand for natural oil progresses in order for the estimated 55 billion cubic meters of oil in the reservoir(s) to be most conservatively used.
The natural gas from the reservoirs are expected to be commercially available to the Israeli domestic market by 2020. Further, the fact that both fields are owned by a new investor in Israeli energy, Greek energy firm Energean, prevents the negative consequences of monopoly ownership that would come about if Leviathan and Tamar oil gas Ffeld stakeholders Delek and Noble Energy had control over the project.
According to Yuval Steinitz, Israel’s Energy Minister, this greater diversification in Israeli oil ownership leads to a healthy level of competition that will result in lower oil prices for the Israeli consumer.
To learn more about recent Israeli oil development plans, see: “CERAWeek 2017 To Provide Opportunities for TX Companies to Invest in Israeli Oil Project,” “Israeli Energy Minister Steinitz in Houston,” or “One Offshore Israeli Drilling Plan Down, yet Two Others are Expected to Succeed.”
Sources:
“Energy Minister Presents Karish-Tanin Development Plan.” http://www.globes.co.il/en/article-energy-ministry-presents-karish-tanin-development-plan-1001200502
“Two Israeli Natural Gas Firms to Start Pumping in 2020.” http://www.timesofisrael.com/two-israeli-natural-gas-fields-to-start-pumping-in-2020/