Israeli Gas Exports To Egypt, Other Arab Neighbours Soar Despite Gaza War
The war in Gaza has not stopped Israel’s ambition to be a major gas supply to Europe, as the nation has reported that its gas supplies to Egypt and Jordan soared by 25 per cent last year.
The success came despite the temporary pause of one of Israel’s offshore gas fields due to the conflict in October.
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Aside from Israel’s success in supplying to neighbours, the country said it would boost Liquefied Natural Gas (LNG) exports in line with its plans of becoming an energy hub supplying the whole of Europe.
“The dramatic growth in natural gas exports to Egypt and Jordan proves just how much the natural gas market is a strategic asset for Israel and helps regional stability,” Israel’s Energy Minister Eli Cohen said.
Following the war against Hamas in Gaza which began in October last year, Israel’s producing offshore gas fields–Tamar–was shut down for a month.
The temporary halt cut Tamar production by 11 per cent in the third quarter of 2023.
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The location of Tamar is some 25 kilometres (15.5 miles) off the city of Ashdod along Israel’s southern Mediterranean coast.
Israel exported 2.56 billion cubic meters of natural gas through the Tamar gas field, most of which went to Egypt.
In the full year of 2023, Israel saw almost 14 per cent surge in gas production from its offshore fields.
Israel earned over $600m in royalties for its new sovereign wealth fund and the government targets up to $12bn for the fund over the next ten years.
Israel has offshore gas fields in the eastern Mediterranean- Leviathan field that was discovered in 2010, which turned Israel’s fortune into an exporter.
