Jpost: US Ambassador Shapiro: Israel must move quickly to develop Leviathan gas reservoir

Acknowledging the enormous economic and strategic prospects available to Israel’s expanding natural gas sector, US Ambassador to Israel Daniel Shapiro warned on Monday that the country must stabilize its investment environment in order to attract international developers.

“For all the opportunities in Israel’s energy sector a note of caution is warranted,” Shapiro said, noting that the US encourages American companies to invest in Israel. “But companies have many places where they can invest their money,” he added.

Shapiro was addressing the Israel Energy and Business Convention in Tel Aviv on Monday morning, organized by the Eco Energy Finance and Strategic Consulting Firm. While Israel has a robust gas supply in its offshore Tamar and Leviathan reservoirs, there are many countries with greater energy resources, the ambassador cautioned. The development of “a stable, predictable investment environment is critical,” as the significant upfront investment required in the hydrocarbon industry must yield reliable returns, he said.
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