Israel bolsters navy to secure offshore oil and gas
Israel estimates 2,137 billion cubic metres and 6.6 billion barrels of oil are waiting to be found
Dubai: The Israeli regime is boosting spending on its navy to boost control of a large maritime zone that abuts Lebanon.
The area boasts huge oil and gas deposits and the subject of much contention among countries in the Mediterrean that share maritime borders.
The navy asked in 2013 for an increase in its budget of $700 million to build up its systems and $100 million annually to maintain them, though the defence ministry declines to say how much it has since received.
The increase was tied to the need to boost oil and gas development, and the current spending comes as Israel begins accepting bids from companies that want to explore 24 offshore blocks in the eastern Mediterranean.
Israel estimates 2,137 billion cubic metres and 6.6 billion barrels of oil are waiting to be found in the blocks and hopes to chose two or three foreign consortia to drill.
