Canada signs energy agreement with Israel
Agrees to share information on extraction of oil from shale, offshore projects and renewable energy.
Oil & Gas
extraction of oil from shale
TEL AVIV—During a visit to Tel Aviv yesterday, Minister of Natural Resources, Joe Oliver, and Dr. Uzi Landau, Israel’s minister of energy and water resources announced that Canada and Israel have signed an agreement to collaborate and co-operate on the development of energy resources.
“Israel and Canada seek to enhance their energy security, environmental sustainability and economic development by advancing their energy sectors,” a joint statement issued by the ministers said.
“Currently, both Israel and Canada undertake this in a number of common areas, including offshore oil and gas exploration and development, new sources of oil and gas supply and renewable energy. Based on this, Israel and Canada find it useful to seek opportunities to co-operate on energy issues.”
Co-operation will include regular sharing best practices and “lessons learned” from extraction of oil from shale, as well as:
• collaborating on extraction technologies;
• improving extraction practices;
• reducing environmental impacts of extraction
“Canada’s oil sands are well known and its shale gas and tight oil are emerging as major new sources of energy,” the statement said. “Large underground oil shale formations have been discovered in Israel, its vast potential is currently being explored, and grounds are being prepared for an expansion of activities.”
The deal also involves developing bilateral relations in the offshore oil and gas sector, exchanging information about regulatory oversight of offshore oil and gas exploration, and developing industrial co-operation and implementation of offshore projects on a commercial basis.
The countries also plan to co-operation the development of renewable energy resources, which includes leveraging scientific and technological partnerships to benefit from each other’s expertise.
The agreement also encourages co-operation between Canadian and Israeli companies doing business in the energy sector.