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Gazprom eyes Israeli natural gas

March 1, 2012 by  

JERUSALEM, March 1 (UPI) — A delegation from Russian energy company Gazprom planned meetings with Israeli officials to discuss the Leviathan natural gas field, local media reports.

The Israeli economic news service Calcalist reports more than a dozen representatives from Gazprom arrived in the country this week to discuss the potential for work in the Leviathan natural gas field.

U.S. energy company Noble Energy said it believed it uncovered around 17 trillion cubic feet of natural gas in the offshore field.

Calcalist said it would cost as much as $8 billion to develop the field. New partners are needed to hasten development.

Calcalist said Gazprom discussed a variety of options for Leviathan, including partnerships with other energy companies and sales agreements for regional markets. Gazprom, the new service said, is seeking to establish a stronger presence in the Middle East market.

Israel gets some of its electricity from the natural gas supplied through sabotage-vulnerable Egyptian pipelines, though authorities have said the country must find ways to become self-sufficient in energy.

Spencer Cameron

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