WASHINGTON, Dec. 29, 2010 /PRNewswire/ -- David Wurmser, Ph.D., founder and executive member of the Delphi Global Analysis Group, LLC (Delphi), today issued the following statement regarding confirmation of the Leviathan field offshore Israel as a major natural gas discovery with 16 Tcf of reserves. Delphi specializes in geopolitical risk analysis and mitigation, with a focus on energy development in Israel and throughout the Levant Basin.
"The Leviathan discovery opens a new era of natural gas development offshore Israel. Production of so large a quantity of gas relative to Israel will trigger major political changes. A resource of this magnitude will allow Israel to implement an energy policy that advances security, economic growth, and the environment. From power generation to desalination to transportation, the benefits of significant Israeli natural gas production promise to be profound," said Dr. Wurmser.
"Israel is now positioned to become an exporter of natural gas. If encouraged by effective public policy, the fiscal, macroeconomic, and geo-strategic implications of developing offshore natural gas promise to rank among the most important advances in the history of the modern State of Israel.
"Accompanying a myriad of positive outcomes attached to Leviathan will be a series of serious political challenges. The temptation of excessive taxation and the internal battles over allocation of government revenue will intensify. Israel lacks energy-sector expertise and financing for large energy projects. Government officials have expressed concerns about concentrations of wealth and power in the hands of a few, as well as the impact of a stronger shekel on Israel's export-driven economy. Policy makers, energy companies, and the financial community confront a complex and volatile political landscape," concluded Dr. Wurmser.
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Background on Levant Basin
Wedged between Cyprus and the shoreline from Syria to Sinai, the Levant Basin encompasses approximately 32,000 square miles. An assessment of the Levant Basin published by the U.S. Geological Survey earlier this year estimated a total mean volume of 122 trillion cubic feet (Tcf) of undiscovered, technically recoverable gas resources.
The first noteworthy hydrocarbon discovery in the area was made in March 2000 offshore Israel west of the city of Ashkelon. This find, which ultimately was determined to contain about 1 Tcf of natural gas, encouraged additional exploration. In January 2009, a major natural gas discovery was confirmed at the Tamar field within 60 miles of the northern coast of Israel. Tamar holds a resource now estimated at 8.4 Tcf, which represents the world's largest natural gas discovery in 2009.
The Tamar and Leviathan fields are within the equivalent of Israel's exclusive economic zone. Together, these fields represent a volume of gas capable of supplying Israel's domestic natural gas needs for approximately 60 years.
About Delphi Global Analysis Group, LLC
By combining practical experience acquired at the highest levels of government with scholarship from top academic institutions, Delphi Global Analysis Group offers insight and foresight on the Middle East to corporate decision makers and investment professionals. Delphi focuses on in-depth analysis that draws on primary sources to help clients capture significant competitive advantage on matters of political risk. This approach results in superior management of risks created by exposure to domestic, regional, and geostrategic uncertainty. The firm features tailored strategic audits supported by ongoing consulting to monitor and proactively defuse political threats to business interests. In addition to these customized reports, Delphi produces regular analytical overviews of key regions and subject areas.
Delphi has world-leading expertise on the domestic, regional, and international politics impacting Israel. To provide clients with the actionable insights needed to protect investment and maximize profit scenarios in the Levant Basin, Delphi has launched three integrated offerings:
- Levant Basin Report – Regular and timely summary of key developments drawing from a range of sources throughout the region. Delphi operates a network of professionals with senior military, intelligence, and relevant industry expertise to deliver world-class monitoring capability;
- Levant Basin Geostrategic Risk Assessment – Applying a rigorous and proven methodology, Delphi offers clients custom research reports that comprehensively audit regional energy-sector investment risk; and
- Levant Basin Public Affairs Risk Mitigation – By enlisting its extensive knowledge base and contacts, Delphi designs and helps implement sophisticated political risk mitigation programs. These programs account for domestic, regional, and international factors and trends.
Delphi's Founder and Executive Member is David Wurmser, Ph.D. Prior to founding Delphi, Dr. Wurmser served as the senior advisor to Vice President Richard B. Cheney on Middle East and Terrorism. From 2002 to 2003, Dr. Wurmser held the position of senior advisor to Under Secretary of State John Bolton.
SOURCE Delphi Global Analysis Group, LLC