Tens of trillions of cubic feet of gas lie waiting offshore, with the potential to transform the world’s energy map and perhaps even stabilize the Middle East.
What a difference a year makes.
A year ago, the Israeli government was at complete loggerheads with an American company and its Israeli partner over the future of “Leviathan,” Israel’s massive offshore natural-gas reserve. The question was whether either of the two companies, Noble Energy of Houston and the Delek Group of Israel, would be allowed to participate in actually developing the field they had discovered five years earlier. And then, in August, with negotiations stalled, and no other candidates in sight, the Italian energy giant ENI announced the discovery, in Egyptian waters, of an even larger and more easily accessible gas field. Some energy experts were beginning to wonder if Leviathan would ever be developed at all.
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