"Gas will add more than 1% to GDP growth"

Noble Energy CEO Charles Davidson expects gas to add more than 1% to Israel's annual growth in the coming years.

"Oil and natural gas exploration is a very risky business but when there are major finds such as we discovered in Israel, it leads to a significant increase in the pace of growth and improves economic performance," Noble Energy Inc. (NYSE: NBL) chairman and CEO Charles Davidson said yesterday at a conference in Cyprus on gas exploration in the Eastern Mediterranean.

He said, "Natural gas will add 1% to Israel's GDP this year and probably even more in the coming years."

Talking about the environmental impact of the gas discoveries he said, "Producing natural gas has reduced carbon dioxide emissions to the atmosphere by about 185 million tons."

Davidson also comes to Israel this week to mark the link-up between the Tamar field to the Israeli coast. However, sources believe that the underlying reason for the visit is to push forward the government's decision on gas exports. The cabinet is soon to consider approving the recommendations of the Tzemach Committee on gas exports.

The main recommendation is to allow export of up to 50% of the natural gas from every field.

Published by Globes [online], Israel business news - www.globes-online.com - on April 10, 2013

© Copyright of Globes Publisher Itonut (1983) Ltd. 2013

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