TEL AVIV, Israel -- Day 1 of Gulf Publishing Company's
Eastern Mediterranean Gas Conference 2014 (EMGC 2014),
which is taking place from March 1112 at the Hilton
Tel Aviv in Israel, began with a morning welcome from Gulf
Publishing CEO John Royall, followed by a keynote address
from Noble Energy Inc. Chairman and CEO Charles Davidson
Noble Energy is the largest operator in the Eastern
Mr. Davidson opened his remarks by noting, "This is no
longer just a regional opportunity; this is a global
opportunity." He also provided a brief summary of regional
discoveries and operations over the last 15 years for those
attendees new to the region's "fast-moving industry."
Discovered reserves of 40 trillion cubic feet of natural
gas "open up a lot more things besides just domestic
supply," Mr. Davidson said. "We're seeing opportunities to
achieve and satisfy not only the demand of Israel, but now
there are other countries in the region [looking] for
opportunities ... This is an area of great change in a
short period of time."
"This is only the beginning, however," Mr. Davidson added.
"There are more opportunities to come, and [these
opportunities], such as Leviathan, are of a scale that will
require more than just domestic markets; they'll require
other markets" around the world.
Mr. Davidson also spoke about the importance of regional
support to the development of the Eastern Mediterranean gas
industry. "Projects of this scale require
certaintycertainty of policy
, and of all the aspects
that go along with it. That's the most important thing."
The Noble CEO called for Israeli support and guarantees to
develop regional resources, particularly the massive
However, "There's still a lot more exploration left to do,"
Mr. Davidson acknowledged. Export infrastructure must also
be developed; along those lines, Noble Energy recently
brought on Woodside Petroleum to explore opportunities for
liquefaction and LNG export project