Since the founding of the State of Israel nearly 52 years ago, we have described it as a nation totally dependent on a single resource--- what became known as the "human resource". Primarily, its recently arrived Russian immigrants, its institutes of higher learning with world class standing in science and engineering, its belief in the sacredness of human life originating from the tradition of excellence set forth by Moses Maimonides. Also included are traits such as daring often a synonym for "chutzpah". All this climaxes in the entrepreneurial spirit so visible among the young Israelis who are the engine of growth of the high-tech sector.
The "big news" is that there are first signs that Israel's geological surveys followed by the expanding and intensive exploration and drilling programs are beginning to yield results. It is premature to state that Israel is geographically positioned on vast pools of oil and pockets of natural gas as are found in mineral rich neighboring countries among them Iran, Iraq, Kuwait, Qatar and Egypt.
We quote from a recent report: The Isramco Oil and Gas Exploration company and British Gas, its partner in the Or 1 drill site, have decided to proceed to develop the infrastructure for extracting the gas discovered. They will also open negotiations with the partners in the Noa 1 drill site who include Reading & Bates. Estimates of the exploitable gas reserves at the Or and Noa drill sites are 200 billion cubic feet and 230 billion cubic feet, respectively. The two sites should be able to produce up to 120 million cubic feet of gas per day after more wells are drilled. If actual production meets these estimates, the wells will supply 40 percent of Israel's daily gas needs. Professionals in the oil exploration industry estimate that the drill sites require the construction of a 23-mile 24-inch diameter pipeline at a cost of about $50 million and a separation plant at a cost of $35 million. The cost of drilling wells will be $40 million, raising the total cost of the infrastructure to between $125 million and $135 million. Isramco and British Gas, will soon carry out a survey of the 300-square mile area around the Or 1 drill site. For a country previously bereft of any but human resources the strategic and economic impact of these natural resource discoveries should positively impact Israel's geopolitical position in the Middle East and act as catalyst towards peace in this area of the world.