Houston, 16th October 2013
Promised Land opens Door to Houston Energy Corridor
Universal Oil and Gas (UOG) holds their inaugural Houston ‘Lunch and Learn’ to promote business partnerships in the oil and gas sector between the US and Israel.
The Houston-Israel ‘Lunch and Learn’ took place on Wednesday the 16th October 2013 from 11.30-1pm at Smith and Wollensky Restaurant, Highland Village, Houston. By invitation only, the event was open to key industry executives to learn about the massive oil and gas production opportunities recently identified in Israel. It was one of a series of briefings in the run up to UOG 2014, the first major international oil and gas exhibition and conference being held in Israel in November next year.
“There are already a number of international companies invested in Israel’s energy sector, Houston based Noble Energy being just one, but we expect the uptake to grow considerably,” said UOG’s Chief Operating Officer, Joshua Beagelman. “Pioneering Israeli technology means both conventional and unconventional hydrocarbons are now increasingly viable options. With the right kind of strategic partnerships, Israel could be second only to Saudi Arabia in the energy production league. Experts are already calling this the New Dawn.”
Israel’s economy grew at 5.1% in the second fiscal quarter of 2013 with a strong impetus from the onset of gas production in March. Over 30 trillion cubic feet of offshore natural gas reserves have been discovered in the last 4 years and The World Energy Council estimates that Israel holds a further 250 billion barrels of oil reserves. Moreover, a highly innovative and more environmentally friendly extraction process, similar to fracking, is being developed to produce light crude from oil shale. There also exists significant potential for offshore deep water crude.
“Israel has extraordinary energy potential, but we mustn’t overlook that it also has a developed infrastructure and a highly skilled workforce. It has technology expertise and robust governance practices which really makes a singular proposition amongst emerging energy markets,” explains Michael Beagelman, UOG’s Chief Executive Officer.
The Houston Lunch and Learn will be followed by similar events in the UK and Norway to underline the opportunities opening up on this new production frontier.
Photos courtesy of DL Bourgeois Photography