Israel Approved Additional Natural Gas Exports to Egypt

SEATTLE (Oil Monster): Israel approved expansion of natural gas exports to Egypt from the Tamar gas fields in the Mediterranean Sea off the coast of Israel. The decision was authorized by the country’s Energy Minister following recommendation by Chen Bar Yousef, Petroleum Commissioner.

According to Energy Minister Israel Katz, the move will boost the state’s revenues and strengthen the diplomatic relationship between the two countries. The country will allow additional natural gas exports of approximately 3.5 billion cubic meters (bcm) per annum over the next eleven years from the Tamar fields.

Approximately one-third of the additional natural gas production will be allocated to the domestic market, so as to ensure that the supply meets the country’s energy security requirements. The production from the field will see an addition of 6 bcm per annum starting from 2026. It must be noted that the Israel’s natural gas operations have prevented the country from the energy crisis following the Russia-Ukraine war.

Chevron Corporation holds 25% stake in the Tamar gas field, which is Israel’s second largest natural gas field, after the Leviathan field. The other partners include Isramco, Mubadala Energy, Tamar Petroleum, Dor Gas and Everest.