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Israeli electricity sector cuts gasoil, fuel oil demand in favor of gas

Israel’s electricity sector kept cutting its use of gasoil and fuel oil in the first 11 months of the year and in November marked its first month on record without any fuel oil consumption, the Energy and Water Ministry said Wednesday. The change is due to the sharp rise in natural gas demand by Israel Electric Corp. and private power producers since the start of commercial production at the huge Tamar offshore gas field. According to ministry figures, the power sector consumed 282,000 mt of gasoil over January-November, down 85% from the same period of 2012, and 80,000 mt of fuel oil over the same period, down 92% year on year. In November, the sector consumed 2,000 mt of gasoil and no fuel oil, the ministry said. Israel’s total demand for refined products over January-November fell 24% year on year to 9.224 million mt, […]

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Iran Sanctions Bill Big Test of Israel Lobby Power

This week’s introduction by a bipartisan group of 26 senators of a new sanctions bill against Iran could result in the biggest test of the political clout of the Israel lobby here in decades. The government of President Hassan Rouhani has warned repeatedly that the demand that Iran dismantle its nuclear programme entirely is a deal-breaker. Credit: Mojtaba Salimi/cc by 2.0. The White House, which says the bill could well derail ongoing negotiations between Iran and the U.S. and five other powers over Tehran’s nuclear programme and destroy the international coalition behind the existing sanctions regime, has already warned that it will veto the bill if it passes Congress in its present form. The new bill, co-sponsored by […]

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Cyprus likely partner as Israel mulls gas exports, but Turkey beckons

Israel is studying its options for exporting its natural gas riches in the eastern Mediterranean, but instability in neighboring Egypt and friction with former ally Turkey are blocking possible undersea pipeline links with them to take the gas to Europe. That leaves a joint export operation with neighboring Cyprus, which will be the next big offshore gas producer in the region, looking like the frontrunner — for now, at least, because war-divided Cyprus lies at the center of a long and seemingly intractable dispute with Turkey. Regional security problems are proving to be a major stumbling block in the Jewish state’s drive to capitalize on its newfound energy wealth, with the Israeli navy undergoing an expansion driven by the need to protect Israel’s offshore fields and infrastructure. A recent report by the U.S. Energy Information Administration observed territorial disputes in the eastern […]

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Israeli Firms Distance Themselves From Noble Energy's Oil Field Estimates

The Israeli partners of Noble Energy Inc. (NBL) in the offshore Leviathan field on Wednesday distanced themselves from comments made by the U.S. company about its estimated oil potential. Noble in a conference call with investors said it has increased its estimate to 1.5 billion barrels of oil in the field, with an additional 1.5 billion barrels of oil in a nearby Cyprus field it also controls with Israeli partners. Noble’s Israeli partners–Delek Drilling Ltd. Partnership (DEDR.L.TV), Ratio Oil Exploration Ltd. Partnership (RATI.L.TV), Avner Oil Exploration Ltd. Partnership (AVNR.L.TV) and Alon Natural Gas Exploration Ltd. (ALGS.TV)–said the new estimates weren’t in accordance with Israeli reporting regulations. The requirements about how energy companies can publish reserve estimates differ between the Tel Aviv Stock Exchange, which often has more stringent requirements than the U.S. Securities and Exchange Commission, under which Houston-based Noble […]

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Israeli Firms Distance Themselves From Noble Energy’s Oil Field Estimates

The Israeli partners of Noble Energy Inc. (NBL) in the offshore Leviathan field on Wednesday distanced themselves from comments made by the U.S. company about its estimated oil potential. Noble in a conference call with investors said it has increased its estimate to 1.5 billion barrels of oil in the field, with an additional 1.5 billion barrels of oil in a nearby Cyprus field it also controls with Israeli partners. Noble’s Israeli partners–Delek Drilling Ltd. Partnership (DEDR.L.TV), Ratio Oil Exploration Ltd. Partnership (RATI.L.TV), Avner Oil Exploration Ltd. Partnership (AVNR.L.TV) and Alon Natural Gas Exploration Ltd. (ALGS.TV)–said the new estimates weren’t in accordance with Israeli reporting regulations. The requirements about how energy companies can publish reserve estimates differ between the Tel Aviv Stock Exchange, which often has more stringent requirements than the U.S. Securities and Exchange Commission, under which Houston-based Noble […]

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Israel Says Soldier Killed by Lebanese Sniper

An Israeli soldier was killed by a Lebanese army sniper late Sunday as he drove along the border, the Israeli military said, drawing Israeli threats of retaliation. The shooting near Rosh Hanikra raised the possibility of renewed fighting in the volatile area, which has remained mostly quiet since a monthlong war in the summer of 2006. Hezbollah, the guerrilla group that waged the war seven years ago, didn’t appear to be involved in Sunday’s incident. Lebanon’s National News Agency confirmed the shooting by member of the Lebanese army. It wasn’t clear why the soldiers opened fire. The Lebanese army has opened fire in the past after saying Israeli soldiers had tried to infiltrate. Lebanese security officials didn’t immediately comment. Lt. Col. Peter Lerner, an Israeli army spokesman, said Israel had protested "this outrageous breach of Israel’s sovereignty" with U.N. peacekeeping forces and heightened its state of preparedness. "We will […]

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Troops shot on Israel-Lebanon border

The border has witnessed sporadic violence since the war of 2006 The Israeli army has shot two Lebanese soldiers on the border, hours after an Israeli was killed by a Lebanese army sniper, the Israeli military has said. An Israeli army spokeswoman said Israeli troops opened fire after noticing "suspicious movement". There is no word on their condition and Lebanon has not yet commented. The shooting came hours after the 31-year-old Israeli soldier was shot dead after his vehicle was hit by up to 10 shots fired from the Lebanese side. The cross-border violence is the most serious since 2010, when an Israeli officer was shot dead by a Lebanese army sniper, sparking clashes in which three Lebanese soldiers were killed.

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Leviathan gas only in late 2017

Development of the Leviathan natural gas field will cost $8 billion and production will begin in late 2017 said Noble Energy Inc. (NYSE: NBL ) EVP Eastern Mediterranean Keith Elliott at the “Globes” 2013 Israel Business Conference. “Leviathan is our next major project in Israel.” Elliott continued, “Leviathan will be developed in stages, a domestic component and an export component. The expected cost of developing the field is $8 billion, and we’ll start production in late 2017, a year behind our initial estimate. The reasons for this are known, such as Israel’s export policy. We need an environment that supports investment. We intend to develop Leviathan as fast as we can, and we’re confident that the challenges will be solved. We’re committed to working with our Israeli partners and the Israeli government.” Commenting on the potential of oil at Leviathan, Elliott said, “We’ve […]

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Gulf of Mexico, Mediterranean yield successes for Noble

Noble Energy Inc. announced it made an oil discovery in the U.S. waters of the Gulf of Mexico and a gas discovery off the Israeli coast. Noble, which has headquarters in Texas, said it encountered a 120-foot column of oil while drilling a discovery well in the Dantzler prospect in the deep waters of the Gulf of Mexico. The company said the discovery may hold more than 55 million barrels of oil equivalent. Off the Israeli coast, the company said a well in the Tamar Southwest prospect encountered more than 350 feet of natural gas. Noble said it estimated the gross resources of the field to be more than 640 billion cubic feet of natural gas. Tamar Southwest is located about 8 miles away from the Tamar field, one of the most substantial natural gas fields in the Mediterranean Sea. “These new discoveries, combined […]

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Delek Group says it may have found natural gas off Israel’s coast

Israeli energy company Delek Group said Tuesday it found signs of a natural gas discovery in an exploration well off the country’s coast. Delek Group said there were “strong signs of natural gas” encountered while drilling an exploration well in the South West Tamar prospect. “It is clarified that appraisal drilling work has not yet taken place and signs of natural gas do not necessarily indicate an existence of a discovery,” the company cautioned in a statement. In a September assessment, Delek said it estimated the undiscovered resource potential in the South Tamar prospect to be around 684 billion cubic feet of natural gas. Delek discovered the broader Tamar prospect about 60 miles off the northern Israeli coast in 2009. The company said it, along with the region’s Leviathan gas field, are among the largest natural gas discoveries ever made in deep […]

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Delek Group says it may have found natural gas off Israel's coast

Israeli energy company Delek Group said Tuesday it found signs of a natural gas discovery in an exploration well off the country’s coast. Delek Group said there were “strong signs of natural gas” encountered while drilling an exploration well in the South West Tamar prospect. “It is clarified that appraisal drilling work has not yet taken place and signs of natural gas do not necessarily indicate an existence of a discovery,” the company cautioned in a statement. In a September assessment, Delek said it estimated the undiscovered resource potential in the South Tamar prospect to be around 684 billion cubic feet of natural gas. Delek discovered the broader Tamar prospect about 60 miles off the northern Israeli coast in 2009. The company said it, along with the region’s Leviathan gas field, are among the largest natural gas discoveries ever made in deep […]

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Israel, Gulf states and many U.S. lawmakers share deep unease about Iran nuclear deal

The signing of a short-term nuclear accord between Iran and six world powers on Sunday left ardent critics of the Islamic republic — most vocally the Israeli government and many U.S. lawmakers — deeply worried that the Obama administration and its partners were making a historic mistake. “Today the world has become a much more dangerous place, because the most dangerous regime in the world has taken a significant step toward attaining the most dangerous weapon in the world,” Israeli Prime Minister Benjamin Netanyahu said. He vowed to spend the six months covered by the interim agreement pushing the White House and other allies for a long-term deal that not only curbs Iran’s current nuclear program but also dismantles the infrastructure that could allow it to make a nuclear device. In Congress, many Republicans and some influential Democrats echoed Israeli concerns that the deal freezes Iran’s uranium […]

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Israelis Embrace French President for Iran Position

JERUSALEM — President François Hollande’s trip to Israel and the Palestinian territories, like all state visits, was planned months ago. But coming days before France and other world powers prepared to resume the nuclear talks with Iran in Geneva, the three-day visit that started on Sunday could not have come at a more opportune time for Israel — or for France, according to some Israeli officials. The warm greetings exchanged by the French and Israeli leaders gave an international boost to Prime Minister Benjamin Netanyahu of Israel, who has been conducting a campaign against a deal he calls “dangerous” even before the final details have been negotiated. At the same time, a senior Israeli official said, the country’s praise for Mr. Hollande’s tough stance at the nuclear talks “will provide a boost to France and even more motivation for it to stay the course.” For years, France has been […]

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Split on Accord on Iran Strains U.S.-Israel Ties

WASHINGTON — To the Israeli government, the preliminary deal with Iran that the Obama administration is trying to seal this week is a giveaway to a government that has spent two decades building a vast nuclear program. It enshrines the status quo — at a time when the Iranians are within reach of the technical capability to build a bomb — and rewards some unproven leaders with cash and sanctions relief. President Obama and his top aides see the same draft deal in sharply different terms. To them, it is a first effort to freeze the Iranian program, to buy some time to negotiate a more ambitious deal, and to stop two separate methods of developing a bomb, one involving uranium, the other plutonium. In return, the Iranians get modest relief from sanctions, but not what they desperately desire, the ability to again sell oil around the world. That […]

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Strains With Israel Over Iran Snarl U.S. Goals in Mideast

WASHINGTON—The Obama administration’s overtures to Iran are straining the U.S. alliance with Israel in ways not seen in decades, compounding concerns about the White House’s ability to manage the Middle East’s proliferating security crises, said current and former American diplomats. In a sign of Israel’s growing disaffection with Washington, French President François Hollande was given a hero’s welcome when he arrived in Tel Aviv on Sunday for a three-day visit that would showcase Paris’s hard line against Iran’s nuclear program ahead of international talks in Geneva this week. Mr. Netanyahu reiterated his criticism that the U.S.-backed compromise was a “very bad deal” while hailing Mr. Hollande for his opposition to the agreement at a joint news conference Sunday evening in Jerusalem. “Your support and your friendship is real. It’s sincere. You were one out of six,” he said, referring to the six world powers participating in talks with Iran. […]

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Israel steps up rhetoric ahead of Iran talks

President Shimon Peres (L) and Israeli Prime Minister Benjamin Netanyahu (R), welcome French President Francois Hollande (C) and his companion Valerie Trierweiler upon their arrival at Ben Gurion ©Getty President Shimon Peres and Israeli Prime Minister Benjamin Netanyahu welcome French President Francois Hollande at Ben Gurion Israel escalated its rhetoric over Iran’s nuclear programme at the weekend, with a senior official warning it was prepared to launch a unilateral military strike against Iran. Although Israel has talked many times about its willingness to take military action on its own, this warning comes ahead of diplomatic talks with Iran on Wednesday that US officials say are “close” to success. At the same time, Benjamin Netanyahu, Israeli prime minister, took to the American airwaves again on Sunday to blast the Obama administration over the prospect of a deal with Iran and to lobby public opinion against any agreement. François Hollande, French […]

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French Leader Assures Israel He Will Keep Pressure on Iran

JERUSALEM — As France and other world powers prepared to resume talks with Iran this week on its disputed nuclear program, the French president, François Hollande, arrived in Israel on Sunday for a three-day visit and was warmly embraced by Prime Minister Benjamin Netanyahu, who has been conducting a lonely campaign against a deal he calls “bad” and “dangerous.” At a red-carpet welcoming ceremony at Ben-Gurion International Airport, Mr. Netanyahu thanked Mr. Hollande for his “resolute stance” on both Syria and Iran, and Mr. Hollande assured Israel that France “will not tolerate nuclear proliferation.” He pledged to keep up the pressure on Iran until it was clear that Iran had given up its quest for nuclear weapons, and declared in Hebrew, “I will always remain a friend of Israel.” Talks in Geneva on Nov. 9 between Iran and six world powers — France, the United States, Germany, Britain, Russia […]

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Israel Working With Saudi Arabia On Iran “Contingency” Attack

Israel Working With Saudi Arabia On Iran “Contingency” Attack Page added on November 17, 2013 When last week’s Iran nuclear talks were blocked by France , it provided a useful glimpse into just who it was that would benefit politically from a continuation of the regional confrontation. But while the French sabotage was an amusing distraction, it revealed a curious shift in middle-east alliances, namely old “enemies” Israel and Saudi Arabia, both feeling shunned by Big Brother, suddenly becoming the best of buddies. It was only a matter of time before this novel alliance moved beyond just paper and tested how far it could go in real life. Said test may come far sooner than expected: according to the Sunday Times, Israel’s Mossad and Saudi Arabia are planning an attack against Iran if negotiations and talks don’t come to an agreement , and that Saudia Arabia will permit Israel […]

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Israeli PM dismisses IAEA report on Iran

  • Netanyahu said he was “not impressed” by the report which charged Iran slowed nuclear activities.   • Netanyahu reiterated his stance that the world powers must keep sanctions against Iran intact.   • Netanyahu campaigns against lifting sanctions and “hurrying into a deal”.   JERUSALEM, Nov. 14 (Xinhua) – Israel i Prime Minister Benjamin Netanyahu on Thursday dismissed a report released by the International Atomic Energy Agency ( IAEA ), which indicated that Iran had significantly slowed down its efforts to reach nuclear capabilities. Speaking at a convention for American Jewish youth in Jerusalem, Netanyahu said he was “not impressed” by the report which charged that the rate of uranium enrichment at the nuclear facility in Natenz had dropped significantly in the past three months, under the regime of the recently-elected Hassan Rouhani. The report specifically stated that the stockpile of high-level enriched uranium had risen by five percent since […]

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Lure of Israel's gas may dampen Turkish ire

TEL AVIV, Israel, Nov. 14 (UPI) — Israel is on the cusp of becoming a natural gas exporter and key energy power in the Middle East, a move that could produce significant geopolitical changes in a region beset by turmoil. That includes a new alliance with Turkey, which seems to be moving toward setting aside its political differences with the Jewish state, just as it is doing with Iraq’s oil-rich Kurds, in the interest of achieving its ambition to become the main energy broker in the region. Israel is now considering its options for exporting gas from its Tamar field, which began production March 30, and the larger but still undeveloped Leviathan field, which is due to come onstream in 2015. Between them these fields contain an estimated 30 trillion cubic feet of gas. Israel has set aside 40 percent of its gas production for export, expected to earn […]

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Lure of Israel’s gas may dampen Turkish ire

TEL AVIV, Israel, Nov. 14 (UPI) — Israel is on the cusp of becoming a natural gas exporter and key energy power in the Middle East, a move that could produce significant geopolitical changes in a region beset by turmoil. That includes a new alliance with Turkey, which seems to be moving toward setting aside its political differences with the Jewish state, just as it is doing with Iraq’s oil-rich Kurds, in the interest of achieving its ambition to become the main energy broker in the region. Israel is now considering its options for exporting gas from its Tamar field, which began production March 30, and the larger but still undeveloped Leviathan field, which is due to come onstream in 2015. Between them these fields contain an estimated 30 trillion cubic feet of gas. Israel has set aside 40 percent of its gas production for export, expected to earn […]

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Israel-US relations battered by split over Iran

Netanyahu For much of the past week, Benjamin Netanyahu has taken every opportunity to slam a proposed nuclear agreement with Iran , but the Israeli prime minister’s most barnstorming performance was a Sunday speech to the Jewish Federations of North America. “It is a bad and dangerous deal that affects our survival,” he told the group, who held their annual convention in Jerusalem. Iranian designs for a nuclear bomb that could reach the US were “the plan coming to a theatre near you”. “Is that what you want?” he asked the audience, who responded “No”. “Well do something about it. We are.” No nuclear deal has yet been signed by Iran and the six world powers involved in the talks, but the negotiations have opened up a crisis between Israel and the US . The public and aggressive lobbying of Washington by Mr Netanyahu, who has had a turbulent […]

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Israel PM calls for joint Western effort to reduce transport sector's oil dependency

Jerusalem (Platts)–13Nov2013/326 am EST/826 GMT Israel’s Prime Minister Benjamin Netanyahu has called for a concerted effort by Western countries to reduce their dependency on oil in the transportation sector. Speaking at an alternative energy conference in Tel Aviv Tuesday evening, the Israeli leader said that oil remains a tremendous source of international instability. He added that oil acts as a weight holding down economic development. In 2011, the government had approved a $420 million 10-year program aimed at sharply reducing oil consumption in the country’s transportation sector, Platts previously reported. The funds were to be allocated for research and development of alternative fuels. They would not focus on an individual technology, but will make funds available to a wide range of ventures. Article continues below… Request a free trial of: Oilgram News Oilgram News Oilgram News brings you fast-breaking global petroleum and gas news on and including: Industry players, […]

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Israel PM calls for joint Western effort to reduce transport sector’s oil dependency

Jerusalem (Platts)–13Nov2013/326 am EST/826 GMT Israel’s Prime Minister Benjamin Netanyahu has called for a concerted effort by Western countries to reduce their dependency on oil in the transportation sector. Speaking at an alternative energy conference in Tel Aviv Tuesday evening, the Israeli leader said that oil remains a tremendous source of international instability. He added that oil acts as a weight holding down economic development. In 2011, the government had approved a $420 million 10-year program aimed at sharply reducing oil consumption in the country’s transportation sector, Platts previously reported. The funds were to be allocated for research and development of alternative fuels. They would not focus on an individual technology, but will make funds available to a wide range of ventures. Article continues below… Request a free trial of: Oilgram News Oilgram News Oilgram News brings you fast-breaking global petroleum and gas news on and including: Industry players, […]

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Oil Flow Reported at Givot Olam's Well in Central Israel

By Sara Toth Stub Special to DOW JONES NEWSWIRES JERUSALEM–Israeli energy exploration company Givot Olam Oil Exploration Ltd. Partnership (GIVOL.TV) said Monday oil flowed to the surface during drilling at its well in central Israel. The flow of oil, at about five barrels a minute, doesn’t change expectations of the amount of reserves in its Meged field, Givot Olam said. The company said in its most recent estimates that the field may contain up to 7.8 million barrels of oil. Givot Olam was founded by Jewish geologist Tovia Luskin, who claims that the Bible promises oil will be found in Israel. The company began looking for oil in Israel in 1992 and discovered the Meged reserve in 2004. Although significant quantities of oil haven’t previously been found in Israel, in recent years large, commercially viable quantities of natural gas have been discovered offshore Israel. Increased production from those natural […]

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Oil Flow Reported at Givot Olam’s Well in Central Israel

By Sara Toth Stub Special to DOW JONES NEWSWIRES JERUSALEM–Israeli energy exploration company Givot Olam Oil Exploration Ltd. Partnership (GIVOL.TV) said Monday oil flowed to the surface during drilling at its well in central Israel. The flow of oil, at about five barrels a minute, doesn’t change expectations of the amount of reserves in its Meged field, Givot Olam said. The company said in its most recent estimates that the field may contain up to 7.8 million barrels of oil. Givot Olam was founded by Jewish geologist Tovia Luskin, who claims that the Bible promises oil will be found in Israel. The company began looking for oil in Israel in 1992 and discovered the Meged reserve in 2004. Although significant quantities of oil haven’t previously been found in Israel, in recent years large, commercially viable quantities of natural gas have been discovered offshore Israel. Increased production from those natural […]

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Iran Talks Strain Mideast Alliances

Israel tried to stave off an emerging agreement between Iran and global powers aimed at preventing Tehran from attaining a nuclear weapon, underlining the chasm that has opened up between the Obama administration and its closest Middle East allies over how to deal with their nemesis. Israeli Prime Minister Benjamin Netanyahu railed against the expected accord in particularly harsh terms Friday, calling on Western allies to “reconsider” after three meetings in two days with Secretary of State John Kerry . President Barack Obama called the Israeli leader in an attempt to calm the furor. “The deal that is being discussed in Geneva right now is a bad deal,” Mr. Netanyahu said in Tel Aviv after meeting with Mr. Kerry. “Iran isn’t even required to take apart even one centrifuge, but the international community is relieving sanctions on Iran.…I urged Secretary Kerry not to rush to sign—to wait, to reconsider. […]

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Netanyahu Attack on Iran Deal Threatens Rift With U.S.

Israeli Prime Minister Benjamin Netanyahu ’s rejection of a potential agreement on Iran’s nuclear program , which he denounced as a “very bad deal,” threatens to ignite the most serious U.S.- Israel dispute in years. His public criticism follows a series of meetings on the topic with U.S. Secretary of State John Kerry , who flew to Geneva today to join talks with Iranian Foreign Minister Mohammad Javad Zarif. They’re seeking to nail down the first step in an accord that would relieve some sanctions against Iran if it curtails certain nuclear activities. The clash over Iran negotiations follows an effort by President Barack Obama to reassure Netanyahu of his support for Israel, including a trip there in March, after a series of disputes. Kerry’s talks with Netanyahu have sought to avoid a blanket rejection of initial moves toward a nuclear pact, which could fuel opponents in the U.S. […]

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Israel rejects mooted nuclear deal with Iran

JERUSALEM (Reuters) – Israel utterly rejects a mooted world powers deal with Iran aimed at ending a long-running row over its nuclear ambitions and will not be bound by such an accord, Prime Minister Benjamin Netanyahu said on Friday. Speaking as headed into a meeting with U.S. Secretary of State John Kerry, Netanyahu told reporters that Iran had got "the deal of the century". "Israel utterly rejects it and what I am saying is shared by many in the region, whether or not they express that publicly. Israel is not obliged by this agreement and Israel will do everything it needs to do to defend itself and the security of its people," he said. Israel has repeatedly warned that it might strike Iran if it did not halt its nuclear program, accusing Tehran of seeking to build atomic weapons. Iran says its various nuclear facilities are geared to civilian […]

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Israel drills disputed West Bank oilfield with 3.5B barrels

RAMALLAH, West Bank, Nov. 6 (UPI) — Israel’s Givot Olam oil company says it’s exploring an oil field that could contain 3.53 billion barrels of crude, which along with the rich natural gas fields the Jewish state’s found under the Mediterranean Sea seems set to make it a regional energy power. There’s only one problem: Most of the Meged field, where Givot Olam started drilling in 2011, appears to lie in Palestinian West Bank, which Israel has occupied since June1967. On Tuesday, just hours before U.S. Secretary of state John Kerry arrived to press Israel on Washington’s latest peace initiative, Israeli negotiators told the Palestinians that the Separation Wall the Jewish state’s building across the West Bank will mark the border with a future Palestinian state. That would mean almost the entire Meged, which starts just inside Israel near the pre-1967 Green Line that separates the Jewish state from […]

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Israel to drill for oil in the West Bank

Israel to drill for oil in the West Bank Page added on November 4, 2013 A large reserve may lie under Israel and the occupied territories, but Palestinians are unlikely to reap the benefits. Israeli investors had reason to celebrate last month with the news that Israel may soon be joining the club of oil-producing states, in addition to its recent finds of large natural gas deposits off the coast. Shares in Givot Olam, an Israeli oil exploration company, rallied on reports that it had located much larger oil reserves at its Meged 5 site than previously estimated. The company, which says it has already sold $40m worth of oil since the Meged field went operational in 2011, now believes that the well is sitting on exploitable reserves of as much as 3.53 billion barrels – about a seventh of Qatar’s proven oil reserves. Only one cloud looms on […]

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Energy Needs Trump Turkey-Israel Tension

ISTANBUL—Turkey and Israel’s political divergence in the past few years is of little concern to businessmen, especially when some of the world’s largest natural gas deposits are at stake. Israel, together with Cyprus, sits on more than 120 trillion cubic feet of natural gas in the Eastern Mediterranean, according to U.S. Geological Survey assessments. That’s enough to meet natural gas needs for 2,400 years in energy-starved Turkey, which relies on Russia for 60% and Iran for 20% of its imports. The trick is navigating the choppy political waters. It’s a difficult proposition as Turkey-Israel ties have been at best strained for the past three years, and Ankara doesn’t even recognize the Cypriot government in Nicosia. But executives from Turkish and Israeli energy firms say their deals can allow corporations to surmount the obstacles politicians can’t overcome. If they succeed, Turkey may see a fifth of its annual natural gas […]

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This Natural Gas Find Could Completely Change the World As We Know It

This Natural Gas Find Could Completely Change the World As We Know It Page added on November 4, 2013 One thing that makes the energy sector so intriguing is the constant overlap between markets and politics. In many ways, energy security is synonymous with national security, and the supply and demand needs of the oil market can make the most unlikely bedfellows. One country that has been at the center of energy and politics for decades has been Israel. For years the country has been dependent upon foreign energy sources, but a major discovery by Noble Energy (NYSE: NBL ) and its partners has turned this situation on its head. Let’s look how this massive natural gas find could affect both the political landscape and the pockets of major oil companies like ExxonMobil (NYSE: XOM ) . With a name like Leviathan, it has to be big In 2010, […]

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Israel launches attacks on military sites in Syria

Israel’s air force attacked two military sites inside Syria on Wednesday evening, US military sources confirmed, marking the latest of several such covert strikes on the country’s northeastern neighbour this year. The sites are near the port city of Latakia and the capital Damascus, according to a person briefed on the matter, who said the US military believed that it was Israel that attacked. Confirmation of the attack late on Thursday followed earlier reports of sightings of Israeli jets in Lebanon and at least one explosion in Syria. Israel’s military, which has struck targets in Syria several times this year, declined to confirm or deny that it carried out the strikes. “We never comment on foreign reports,” an Israel Defence Forces spokeswoman said. Nagham Ghadri, a member of the Syrian National Coalition, the Turkey-based opposition group, said that activists in Latakia had reported hearing a huge explosion coming from […]

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Israel dismisses reports Iran halting higher-grade enrichment

JERUSALEM (Reuters) – Israel on Saturday dismissed as "irrelevant" reports that Iran had halted its most sensitive uranium enrichment activity, and said Tehran’s nuclear program must be dismantled. A senior member of Iran’s parliamentary national security commission was quoted as saying Iran had stopped refining uranium above the 5 percent required for civilian power stations, as it already had all the 20-percent enriched fuel it needed for a medical research reactor in Tehran. But diplomats accredited to the U.N. nuclear watchdog said they had no confirmation Iran had halted enrichment of uranium to 20 percent – a sensitive issue because it is a relatively short technical step to increase that to the 90 percent needed to make a nuclear warhead. "The discussion on whether or not Iran has ceased 20 percent enrichment is irrelevant," said an Israeli official. Israel fears its arch enemy Iran is developing atomic weapons capability, […]

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