The former chief scientist at Royal Dutch Shell, Dr Harold Vinegar, has dubbed Israel as the next technology hotspot for the energy sector.
Dr Vinegar, who was recently named chairman of the Universal Oil & Gas 2014 Dead Sea Conference and Exhibition, said Israel had all the makings Aberdeen did 40 years ago, including a proven infrastructure, rule of law and market transparency.
Dr Vinegar, who is currently chief scientist of Israel Energy Initiatives (IEI), said: “These are very exciting times for Israel’s budding energy industry. The same qualities which made Israel’s high-tech sector a global success story could lead its energy sector to similar success.”
IEI currently holds an exclusive Shale Oil Exploration and Production license in the Shfela region of Israel. The basin reportedly holds a total of 150 billion barrels of oil equivalent. In the past five years, a further 35 trillion cubic feet of offshore natural gas reserve have been discovered in the country.
Michael Beagelman, chief executive Officer of Universal Oil & Gas (UOG) said Israel was standing on the ‘brink of energy independence’.
UOG 2014 is the first major international oil and gas conference to be held in Israel. It will take place later this year in November.
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