Subscribe to Print Edition | Wed., January 14, 2009 Tevet 18, 5769 | | Israel Time: 02:27 (EST+7)   Back to Homepage web haaretz.com Haaretz Toolbar Diplomacy Defense Jewish World Opinion National Print Edition Car Rental Books Haaretz Magazine Business Real Estate Joy of Giving Travel Week's End Anglo File

Bottom shekel / Is it a field or a figment? By Avi Bar-Eli Tags: israel news Before we get all excited about the natural gas found off the Haifa shore, let's understand: There's no proof of a major discovery yet. The likelihood that 109 billion cubic meters really have been found is about equal to the chance that it's a bubble of fossil flatulence, in which case there goes $140 million down the drain. If it's really a large field justifying the heavy cost of its development - $1.5 billion, the brokerage Psagot estimates - then it's one of the most dramatic events in the history of Israel's economy. No less. Never mind the profit to shareholders: We're talking geopolitics, the future of Israeli industry, and the environment, too. Advertisement Tamar could prove larger than Tethys Sea (32 BCM) and Gaza Marine (28 BCM) together. Tamar could crush the monopolistic posturing of BG (which is selling Israel gas produced off the Gaza shore) and Egypt, currently Israel's only sources of natural gas, as the Tethys Sea field off Ashkelon's coast is running low. Tamar could relieve Jerusalem of the need for diplomatic maneuvering with London, Cairo and the Palestinians, at heavens know what price. Egypt has been sidling toward reopening its supply agreement with the Israel Electric Corporation, and now may prefer to rethink its position or even enter a new agreement with the giant utility. BG had stalked out of talks with Israel a year ago and later returned, only to make fresh demands; it too may have to soften its stance. Israel could suspend its efforts to import gas through pipelines from Asia spanning nearly half the hemisphere. And by the way, there's another field out there awaiting attention, and in shallower waters - Dalit, just 1,100 meters beneath the sea surface. Bookmark to del.icio.us   From the bunker Hamas says Gaza won't break, victory over Israel is near. Banned Israel bans Arab parties from running in upcoming elections.

Read & React Bradley Burston / Gaza War Diary IV - Can people die of ambivalence? Responses: 42 Amos Harel with IDF in Gaza / 'Let's finish what we started' Responses: 76 Ari Shavit: World cannot, must not condemn our war on Hamas Responses: 108 U.S. arms shipment to Israel canceled due to Gaza conflict Responses: 15 Yoel Marcus: It's not Israel's fault it has a strong, well-run army Responses: 66 More Headlines 02:11 Olmert ignoring calls from Barak, Livni for immediate Gaza truce 00:58 Egypt tells Hamas it must commit to one year cease-fire in Gaza 21:51 U.S.: Olmert never asked us to abstain from UN vote on Gaza truce 23:56 Settler shoots, kills Palestinian who allegedly hurled rocks at him 20:44 IDF Chief: Hamas bombers posing as Israeli troops in Gaza 21:32 Shin Bet: Some 565 rockets, 200 mortar shells fired at Israel since start of Gaza op 20:31 Clinton: U.S. must address Israel security, Palestinian aspirations 23:58 Turkish PM denies anti-Semitism, says 'Jewish-backed media' spread false info on Gaza 22:09 IDF officer critically hurt in Gaza; 6 other soldiers also wounded 20:12 IDF bombs some 30 smuggling tunnels in southern Gaza 00:44 Israel's Waltz with Bashir, on 1982 Lebanon War, gets Oscar nod 19:48 Embedded with the IDF in Gaza / 'Let's finish what we started' 23:57 UN human rights body: Gaza violence has 'devastating' effect on children 17:58 WATCH: IDF says Hamas has professionalized use of human shields in Gaza 23:58 Israel denies Syria claim it left traces of uranium at nuclear site bombed by IAF 21:34 Palestinian reporters charged with leaking censored info on Gaza to Iran TV 17:59 A week after expelling Israeli officials over Gaza op, Venezuela looks to repair ties 22:25 Italy's Jews: Pope Benedict negating 50 years of interfaith progress 23:57 UN Chief Ban, en route to Mideast: Hamas, Israel must stop fighting now 21:02 Hamas' take on the Gaza war? Watch it on YouTube 11:17 ANALYSIS / World cannot, must not condemn our war on Hamas Previous Editions Select Day 13 jan 12 jan 11 jan 09 jan 08 jan 07 jan 06 jan 05 jan 04 jan 02 jan 01 jan 31 dec

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