Israel could be the alternative to Europe in search of gas – Economy

With the Old Continent entering an energy crisis, Israel increased natural gas exports to Europe by more than 22% in the first half of the year, which translates to an increase of 10.85 billion cubic meters compared to the same period last year.

According to Energy Minister Karen El Harar, exports to neighboring countries increased by 35% to 4.59 billion cubic meters, and this rise is largely due to the increase in production in the Tamar and Leviathan reservoirs in the eastern Mediterranean.

On the other hand, exploration rights for this raw material, as well as minerals, and fees increased by about 50% to reach 829 million. shekel (254 million euros at the current exchange rate). In June, Israel signed a memorandum of understanding with Egypt and the European Union aimed at increasing gas production in the region as well as exports. The transport will be through Egypt and then the gas will come to Europe.

According to Bloomberg, the initial flows of this raw material will not be large, but may increase gradually, and thus prove to be an alternative to Russia, because Moscow is no longer a viable hypothesis, after the European Union ban.

The discovery of gas in Israel in 2004 was profitable for the country, already generating revenue of 10 billion shekel (Three billion euros). But this expansion suffers a setback, after Lebanon opposed Israel’s decision to move floating gas production equipment near Karish, where the maritime border between the two countries lies.

According to a spokesperson for Energean, the company that owns exploration rights in that area, to Bloomberg, gas production should start at the end of September. The same element also adds that the company is confident that Israel will resolve the conflict with Lebanon by then.