Israeli gas supplies to Egypt and Jordan increased 25% last year despite the temporary closure of one of Israel’s offshore gas fields due to the conflict in the Gaza Strip, OilPrice.com reported on February 26.
In Israel, the newspaper writes, they said that gas supplies to Egypt and Jordan had increased by a quarter and emphasized that exports would increase further, corresponding to Israel’s ambitions to become a major energy center supplying Europe.
Europe is a potential destination for Israeli gas through liquefied natural gas (LNG) facilities in Egypt or possible new capacity within the country.
“The sharp increase in natural gas exports to Egypt and Jordan demonstrates how the natural gas market is a strategic asset for Israel and contributes to regional stability.”said Israeli Energy Minister Eli Cohen.
In October 2023, the smaller of Israel’s two producing offshore gas fields, Tamar, was closed for a month due to Israeli fighting in the Gaza Strip. The shutdown reduced Tamar’s production by 11% in the third quarter.
For all of 2023, the Tamar field exported 2.56 billion cubic meters of natural gas, most of which went to Egypt.
Israel discovered two offshore gas fields in the eastern Mediterranean in 2010 and production began in 2013, putting the country on the energy map for the first time and turning Israel into an exporter. Israel’s largest offshore gas field, Leviathan (like the Tamar field), is now exploited by the American company Chevron.
According to Reuters, Israel increased gas production from its offshore fields by almost 14% year-on-year in 2023, generating more than $600 million in royalties for its new sovereign wealth fund, and the government now plans to raise up to $12 billion for the fund over the next decade through taxes and profits.
Source: Rossa Primavera
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