Israeli Minister Resigns, Paving Way for Gas-Field Development

2 Nov 2015   Israel

Israel’s economy minister resigned on Sunday, allowing the government to move ahead with stalled plans to develop two offshore gas fields after nearly a year of political wrangling. Prime Minister Benjamin Netanyahu said he would take over Aryeh Deri’s portfolio to push through a framework to develop the gas fields after the plan was ruled anticompetitive by the country’s regulator last year. “Today we are taking a major step toward advancing the supply of gas in the state of Israel,” Mr. Netanyahu said. “Natural gas will be the No. 1 growth engine in Israel in the coming years.” The Tamar and Leviathan fields were discovered in 2009 and 2010 , respectively, and are worth an estimated $25 billion in potential gas sales, according to analysts at U.K.-based Barclays Bank. Mr. Netanyahu said the gas from the two fields would lower energy costs for Israelis. The development plans would […]

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