Israel Set to Be ‘Gas Empire’, Flood World Markets in Coming Years

A newspaper cutout of 24 blocks Israel is exploring in the Mediterranean Sea. (Photo: via Twitter)

Israel officially invited bids for new gas and oil explorations licenses on the Mediterranean, Israeli Minister of National Infrastructure, Energy and Water Resources Yuval Steinitz announced yesterday.

“We are offering for exploration half of our economic waters in 24 blocks,” Steinitz said in a press conference held in Jerusalem, noting that the aim of these new licenses is to turn Israel into a “gas empire.”

“The opening of the sea for natural gas and oil searches is the best investment for Israel and its future,” noting that Israel would be “flooding the market in the coming years with natural gas, despite all the obstacles and regulatory difficulties.”

The minister said that more than half of Israel is powered by natural gas, but stressed that it would eventually be producing 70-80 per cent of its electricity from this resource.

“We are offering for exploration half of our economic waters in 24 blocks,” Steinitz said, noting that tenders need to be received by April 21 2017.

Israel is also accused of trying to expropriate offshore gas fields near the Gaza and Lebanon coasts, with the help of a European multinationals.

Meanwhile, Gaza continues to struggle with limited access to every source of energy, due to a decade-long Israeli blockade on the impoverished Strip.

(MEMO, PC, Social Media)

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