According to experts, the natural gas find 90km (55 miles) off the coast of Haifa can provide enough natural gas for Israel for the coming 30 years, with Isramco officials calling it a “significant find”. The find is the largest ever in Israel, discovered at the Tamar-1 drilling site.

The project is a three-way venture, including Isramco (28.9%), American’s Noble Energy (36%) and Delek Drilling. Impressively, the drilling taking place at the Tamar-1 site permits reaching a depth of 5,000 meters below sea level. Needless to say the discovery led to a sharp increase of the companies stocks, including Isramco showing a 123% gain.

(Yechiel Spira – YWN Israel)