Russian Company Seeks Stake in Israeli Gas Field

Russia's Gazprom is in talks to buy shares in the development of Israel's natural gas field.

Maayana Miskin, | updated: 08:43

Offshore oil rig
Offshore oil rig
Israel news photo: Wikimedia Commons

Russia's Gazprom is in talks to invest in rights to develop Israel's offshore gas field, according to Globes. Gazprom executives may purchase a 50 percent stake in an Israeli company with development rights.

Executives have met with Chaim Lebovits, president of ACC International Holdings, which is a partner in Med Ashdod exploration licenses.

If the sale goes forward, the company plans to begin drilling in early 2011, a senior manager said.

The Houston-based Noble Energy firm, drilling for Israeli firm Delek, discovered billions of cubic meters of natural gas off the coast of Haifa. Assessments conducted this summer showed that the gas found could allow Israel to provide its own energy needs for at least two decades.

Hizbullah and the Lebanese government have claimed that the gas reserves lie in Lebanese territorial waters, and have threatened war.








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