Israel Invites Indian Firms to Exploit its Gas Reserves

Israel has invited Indian companies to exploit its newly found natural gas reserves, country’s Ambassador to India Alon Ushpiz said, reports news agency IANS.

Ushpiz said his country will soon emerge as one of the biggest producers of natural gas and is willing to export it to India.

"Our plan is to keep 60 percent of the produce for domestic use, while the remaining 40 percent will be exported," Ushpiz said during an interaction with the news agency.

The Ambassador said that Indian firms from both private and public sector are free to participate in extracting gas. However, he added Israel bars any company that has dealings with Iran.

Noble Energy is developing the Tamar field in the Mediterranean Sea and gas production started in March 2013. Leviathan gas field in the Mediterranean Sea is also being developed by the Noble Energy-led consortium. The production is expected to start by 2017.

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