Exclusive: Exxon is considering exploring for oil and gas in Israel. That would make it the first oil major to operate in the country, which is still technically at war with Gulf Arab states ronbousso1 CERAWeek2019
HOUSTON - Exxon Mobil Corp is considering exploring for oil and gas in Israel, said a person with direct knowledge of the matter, in what would make Exxon the first oil major to operate in the country still technically at war with Gulf Arab states.
Until those discoveries, Israel was believed to be sitting on scant oil and gas reserves. There was little reason for energy firms to explore for energy in Israel and risk complicating operations and future investments in nearby Arab countries that hold some of the world’s largest energy reserves. An Exxon team also visited a data center set up by the ministry in Jerusalem, the source said. That center holds detailed information about the geology of the sub-sea rocks, believed to hold up to 75 trillion cubic feet of gas and 6.6 billion barrels of oil, according to estimates.In February, Exxon announced a major gas discovery in Cyprus together with its partner Qatar Petroleum. That field is near two other huge gas finds in the region: Leviathan off Israel and Zohr off Egypt.
President Donald Trump has angered the Arab world and stoked international concern with changes to U.S. policy in the region, including moving the U.S. Embassy to Jerusalem from Tel Aviv. “We are just at the tip of the iceberg... Israel and Cyprus are little countries, but they have a good chance to become exporters in the future,” Steinitz said during a panel discussion at CERAWeek. “It’s also important that we have the strong backing from the United States of America.”
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