No longer the domain of media loving, ten-gallon hat wearing moguls in Texas, the oil and gas industry is a diverse and challenging sector of the energy industry and is one that has had to undergo significant changes to keep up with the demand, consumption, and distribution of energy to consumers. The energy industry is in flux, in no part due to greater transparency, allowing consumers to choose where they get their energy sources from, and due to a growing demand for sustainable energy sources from both
hydrocarbon and non-hydrocarbon sources.
Progress and advancement in the energy industry has come so fast and with so many challenges, some companies are struggling to keep up and to innovate. Others have ensured that they will remain at the forefront of the industry for decades to come by choosing to be proactive rather than reactive when it comes to changes in different regions of the world, the consumption of energy, and the urgent need for sustainable energy sources.
Oil OR Gas – Where Will the Next Big Energy Sources Come From
The discovery and development in the oil will always be important, but for energy companies looking to innovate, the choice between investment in fossil fuel and non-fossil fuel energy sources becomes even more important. Sustainability in diverse markets is showing that investment in natural gas is increasing heavily as companies choose to invest in different sectors of the energy chain. Recent discoveries of natural gas deposits in Israel, after a significantly lengthy period of development and research, have started to come to fruition. Was this foresight on the part of companies like Navitas and Delek-Avner who have been determined to move the country away from an over-reliance on oil-based energy sources and who have been working for years to invest in natural gas exploration off Israel’s coastline? Perhaps so, following the news of the discovery of the ‘Levantine Basin’, the largest natural gas reservoir in the world.
Discovered in 2009, off the coast of Haifa, the first deposit was named ‘Tamar’. This discovery spurred the exploration of the area and included the Israeli deposit, ‘Leviathan’, as well as ‘Aphrodite’ off Cyprus, and ‘Zohr’ off the Egyptian coast.
Israeli Energy Companies: The Long Road to Success
It’s been a long road for companies like Navitas to make their mark in the energy industry. The key has been to continually innovate based on market trends and invest in the discovery of sustainable energy sources like natural gas even when the markets were dismissive. However, they are not so dismissive anymore after the discovery of the massive deposits and when CEO Gideon Tadmor submitted a prospectus on the Tel Aviv Stock Exchange to raise over $131 million for further exploration in Mexico and to expand their US-based operations.
Gas is not the latest trend, it’s been in the works for decades, but it’s only the stalwarts of the industry who have stayed on the path of natural gas exploration and development of the industry that are now reaping the benefits of changing market demands.