Energy Matters - September 2014

Energy Matters
Energy Matters
September 2014

American and Israeli energy companies signed a letter of intent with a Jordanian firm to supply the country with natural gas.

Israel, Jordan Sign Letter of Intent for Gas Deal

Israel moved a step closer to providing Jordan with large amounts of natural gas, according to the Wall Street Journal. Under the terms of a Letter of Intent, U.S.-based Noble Energy and its Israeli partners would supply 1.6 trillion cubic feet of gas from Israel’s Leviathan offshore gas field to the National Electric Power Company of Jordan over a 15-year period. The deal, once finalized, would mark the second – and significantly larger – energy agreement between the countries, and would be worth roughly $15 billion. The first Israel-Jordan agreement was signed last February, worth approximately $500 million. Israel is estimated to hold 32 trillion cubic feet of natural gas in offshore fields located in its northern territorial waters. It has, to-date, signed export agreements with the Palestinian Authority and Jordan and Letters of Intent with Egypt.

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Israel to Develop its Largest Solar Field

The Israel Lands Administration announced plans to move ahead with development of the Jewish State’s largest solar field, according to the Times of Israel. Located in southern Israel, near Eilat, Timna Solar Park will feature a new 50 megawatt photovoltaic solar-tracker energy system covering 247 acres. The high-tech system will automatically alter the panels’ angle in accordance with the sun’s movement throughout the day. The solar park is expected to generate 170 megawatts of electricity, nearly three times as much as Israel’s existing fields in the Negev, and is scheduled to go online in 2016.

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Israel is World's Top Cleantech Innovator

The 2014 Global Cleantech Innovation Index has named Israel as the world’s top clean-tech innovator, according to the Jerusalem Post. The index examines an array of data on 40 countries, including their level of innovation, government support and infrastructure, and the number of existing clean-tech companies in renewable energy, alternative energy, and water technology. “[Israel] generates the culture, education, and ‘chutzpah’ necessary to breed innovation, plus it has the survival instincts,” said the annual report from the Cleantech Group and World Wildlife Foundation. Rounding out the top five were Finland, the United States, Sweden, and Denmark.

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Israel Looks to Texas for Energy Expertise

Israeli officials are seeking to gain a deeper understanding of the oil and gas sector from the epicenter of American energy, according to the Houston Chronicle. As Israel looks to become a net exporter of energy resources, the Jewish State is seeking insight into both regulatory regimes and new technologies. Many of the traditional and innovative energy practices originated with Texas-based companies and Israel is hoping to gain from their expertise. Israel also hopes to attract investors to its gas plays in the Eastern Mediterranean.

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Leviathan Gas Estimate Increased by 16%

Israel’s Leviathan offshore natural gas field is now estimated to hold 16% more gas than previously believed, the Jerusalem Post reported. The revision was made by oil and gas consulting firm Netherland, Sewell and Associates Inc. through a series of expanded three-dimensional seismic surveys and laboratory analyses. The reserve, located approximately 130 miles west of Haifa, was discovered in 2010 and is expected be operational in 2017.

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