The Israeli government has signed a memorandum with Egypt and the EU to start exporting gas also to Europe through Egyptian LNG facilities.
The Israeli Ministry of Energy recently announced that nine companies, including five new to the Israeli market, have expressed interest in obtaining licenses for the exploration of natural gas fields off the coast of Israel. This news represents a significant step for the country, leading it towards energy independence and greater security in the energy sector, especially in the context of crises such as the Russian-Ukrainian conflict.
The nine companies involved in the tender came from four distinct groups and submitted six proposals. This highlights the growing attractiveness of Israel’s natural gas industry. The importance of such operations is indisputable, as the nation, until recently, was heavily dependent on foreign energy supply, but is now becoming an increasingly significant player in the regional energy landscape.
A crucial factor in this move towards energy independence is the Leviathan natural gas field, valued at over 22 trillion cubic feet of gas. This vast reserve has attracted the attention of major international oil and gas companies, including US giant Chevron, which has established partnerships with local companies to exploit the immense potential of this field.
The continued evolution of natural gas exploration represents a real milestone for Israel, as it not only allows it to strengthen its energy security but can also open up new opportunities for regional cooperation. Natural gas extracted from Israeli economic waters has already helped protect the country from the severe consequences of the energy crisis triggered by the Russian-Ukrainian conflict. This demonstrates its strategic importance in a region characterized by scarce natural resources.
The ongoing tender is the result of an exploration process that began six years ago, resulting in the drilling of four new exploratory wells. This continuous research and development in the natural gas sector will identify new potential reserves and attract further investment from companies interested in exploiting the country’s energy resources.
Exporting natural gas is another major opportunity for Israel. In 2020, the country started exporting natural gas to Egypt from the Leviathan field, and the government signed a memorandum of understanding with Egypt and the European Union to start exporting gas to Europe through Egyptian LNG plants. This deal will open up new trade routes for Israel and help strengthen economic and political ties with European countries.
The size of the proposals made by the nine companies involved and the variety of bidders clearly demonstrate the growing interest in the natural gas sector in Israel. This increased attention will lead to increased competition and diversification of exploration initiatives, enabling the country to achieve its goal of becoming increasingly energy independent.
In conclusion, natural gas exploration from Israel is a compelling challenge that offers unique opportunities for the country. Energy independence and regional cooperation can be achieved through the sustainable exploitation of natural resources, paving the way for greater economic and political stability in the region. With a forward-looking vision and a well-defined strategy, Israel can become a key player in the global energy landscape, contributing to sustainable development and energy security for itself and the international community.
Original article published on Money.it Italy 2023-07-31 07:00:00. Original title: Israele accelera l’esportazione di gas naturale verso l’Europa
