Israel Oil and Gas Market

• During the 1950's, Israel discovered the on-shore Heletz Oil field.  Over the past 50 years, Heletz has produced 20m cumulative barrels of Oil. It has been in depletion for over 20 years and today produces only a few barrels per day. 


• Noble Energy is producing natural gas in the Mari-B field - offshore closer to the southern tip of Israel.  Analysts estimate they may reach depletion within the next five years.  Total production has been about 1.1 Tcf to date. 


• EMG Consortium - A 2005 sales contract for gas between Egypt and Israel provides for the sale of 1.7 billion cubic meters of gas per years representing 20% of Israeli electricity current consumption ($4-5 per MMBtu) recently increased to $5.50 - $5.75 per MMBtu.