00:00:04.029 Israel is emerging as a major energy 00:00:06.61000:00:06.620 producer after reporting some of the 00:00:08.65000:00:08.660 world's biggest discoveries of offshore 00:00:10.45000:00:10.460 natural gas in recent years the Tamar 00:00:14.04900:00:14.059 field 25 kilometers offshore from the 00:00:16.57000:00:16.580 southern city of Ashkelon began pumping 00:00:18.88000:00:18.890 gas last March on its own the field 00:00:22.00000:00:22.010 which is being developed by Delic an 00:00:24.25000:00:24.260 Israeli company and Noble Energy of the 00:00:26.80000:00:26.810 US will contribute about a percentage 00:00:29.26000:00:29.270 point Israel's GDP growth this year as 00:00:32.65000:00:32.660 far as rail is concerned it has a vast 00:00:35.20000:00:35.210 impact on the Israeli economy only this 00:00:38.26000:00:38.270 year the Tamar production as 1% had a 1% 00:00:42.01000:00:42.020 impact on Israeli GDP on top of that as 00:00:45.37000:00:45.380 obviously other implications on Israel 00:00:48.01000:00:48.020 including the ability of Israel to 00:00:50.26000:00:50.270 reposition itself from a geopolitical 00:00:52.09000:00:52.100 point of view Delic Noble and their 00:00:55.60000:00:55.610 partners invested three and a half 00:00:57.34000:00:57.350 billion dollars in tomorrow they built 00:01:00.22000:01:00.230 the Reagan Corpus Christi Texas and 00:01:02.17000:01:02.180 tugged adhere to the eastern 00:01:03.40000:01:03.410 Mediterranean where it pumps gas from 00:01:05.70900:01:05.719 about 230 meters under the sea but this 00:01:09.28000:01:09.290 is just the beginning the two companies 00:01:11.62000:01:11.630 also have rights to a much bigger yet to 00:01:14.11000:01:14.120 be exploited offshore gas field called 00:01:16.48000:01:16.490 Leviathan the two companies describe it 00:01:19.39000:01:19.400 as the industry's biggest deepwater gas 00:01:21.73000:01:21.740 discovery of its kind in a decade with 00:01:24.16000:01:24.170 reserves worth some 19 trillion cubic 00:01:26.32000:01:26.330 feet the big new natural gas finds will 00:01:29.68000:01:29.690 profoundly impact israel's energy 00:01:31.48000:01:31.490 independence and promise to bring in 00:01:33.13000:01:33.140 some 60 billion dollars in export 00:01:34.99000:01:35.000 earnings over the next 20 years they 00:01:37.39000:01:37.400 could also profoundly transform 00:01:38.95000:01:38.960 political relations in the region 00:01:40.42000:01:40.430 depending on where Israel chooses to 00:01:42.21900:01:42.229 export the gas while tomorrow is being 00:01:45.64000:01:45.650 reserved for Israel's domestic use 00:01:47.52000:01:47.530 delica noble want to export much of the 00:01:50.10900:01:50.119 gas they produce it Leviathan the two 00:01:53.02000:01:53.030 companies are looking at possible 00:01:54.64000:01:54.650 pipeline projects to Turkey and from 00:01:56.98000:01:56.990 there to Europe which is looking for 00:01:58.60000:01:58.610 alternative sources to Russian gas the 00:02:01.51000:02:01.520 two companies are also studying possible 00:02:03.81900:02:03.829 pipelines to Jordan the Palestinian 00:02:06.21900:02:06.229 Authority or even Egypt whose own gas 00:02:09.27900:02:09.289 industry has been sabotage since the 00:02:11.41000:02:11.420 beginning of the Arab Spring by 00:02:13.08900:02:13.099 militants in the side 00:02:14.36000:02:14.370 there are currently many opportunities 00:02:17.10000:02:17.110 for exports including regional pipeline 00:02:19.56000:02:19.570 sales including floating LNG to offshore 00:02:23.10000:02:23.110 LNG and the more traditional onshore LNG 00:02:26.55000:02:26.560 which could be on shore facilities 00:02:28.38000:02:28.390 either in Israel or in Cyprus where we 00:02:31.17000:02:31.180 have another large discovery but the gas 00:02:33.99000:02:34.000 Bonanza stirring controversy too as 00:02:36.39000:02:36.400 Israelis argue over how much should be 00:02:38.43000:02:38.440 exported and at what price Benjamin 00:02:42.51000:02:42.520 Netanyahu's government in June said it 00:02:44.76000:02:44.770 would reserve 40 percent of israel's 00:02:46.80000:02:46.810 natural gas for export keeping the other 00:02:49.35000:02:49.360 60% for domestic use members of the 00:02:52.35000:02:52.360 left-wing labour party who led an 00:02:54.39000:02:54.400 unsuccessful supreme court challenge to 00:02:56.61000:02:56.620 this decision want more of the windfall 00:02:58.83000:02:58.840 to be used at home the whole discussion 00:03:02.43000:03:02.440 around natural gas was made behind 00:03:04.41000:03:04.420 closed doors it was made in secret the 00:03:07.35000:03:07.360 government decision was made like that 00:03:10.05000:03:10.060 in a rush influenced tremendously by big 00:03:14.07000:03:14.080 companies with great lobby groups and we 00:03:17.19000:03:17.200 have to make this decision transparent 00:03:18.96000:03:18.970 to the public because it's our gas and 00:03:20.85000:03:20.860 it's our money 00:03:22.22000:03:22.230 Israel has passed a law setting up a 00:03:24.72000:03:24.730 sovereign wealth fund to use the gas 00:03:26.46000:03:26.470 revenues but economists warn that the 00:03:29.16000:03:29.170 country needs to spend the money wisely 00:03:30.93000:03:30.940 in areas like education rather than 00:03:33.72000:03:33.730 white elephant prestige projects that do 00:03:35.88000:03:35.890 little to advance the economy so the 00:03:38.34000:03:38.350 sovereign wealth they find that I'm all 00:03:41.10000:03:41.110 in favour to do it in my mind should be 00:03:44.64000:03:44.650 used primarily in order to foster and 00:03:47.94000:03:47.950 deepen our natural comparative advantage 00:03:50.70000:03:50.710 hood lies in our human capital 00:03:52.67000:03:52.680 innovation and creativity we shouldn't 00:03:55.71000:03:55.720 be tempted into other nice to have a 00:03:58.91000:03:58.920 needs meanwhile Israel's antitrust 00:04:02.61000:04:02.620 watchdog is studying noble and dellux 00:04:04.86000:04:04.870 powerful position on the gas market to 00:04:07.29000:04:07.300 see whether it violates the law the 00:04:10.08000:04:10.090 companies are impatiently waiting a 00:04:11.73000:04:11.740 decision and say they need certainty 00:04:13.65000:04:13.660 before moving ahead with Leviathan 00:04:16.03900:04:16.049 regulatory certainty is a must in order 00:04:18.81000:04:18.820 to justify investment of five to fifteen 00:04:21.63000:04:21.640 billion dollar we 00:04:23.33000:04:23.340 to have tax stability in place we'll 00:04:25.87900:04:25.889 need to have export stability in place 00:04:28.62900:04:28.639 well the deliberations continue the gas 00:04:31.64000:04:31.650 has begun arriving in Israel and the 00:04:33.53000:04:33.540 Middle East has a new regional energy 00:04:35.71900:04:35.729 power John read financial times at the 00:04:39.14000:04:39.150 tomorrow gas platform of southern Israel
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Engineering company LOTUS®
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