Israel exported a record 981mn cfd of natural gas to Egypt in 2024, good for 18.2% year-over-year. According to Middle East Oil & Gas publication MEES, the remarkable surge in imports can be attributed to a growing gas deficit resulting from declining domestic production by Egypt. However, Israel will struggle to ramp up exports further due to infrastructure limitations.

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Over the past decade, Israel has been aggressively pursuing hydrocarbon exploration and  development. Israel’snatural gas reserves have grown by an impressive 40% over the past decade thanks in large part to increased drilling and exploration activities. During that time, offshore production has expanded five-fold growth since the start-up of Israel’s first major producing Tamar field in 2013. Israel has seen its gas reserves grow from 780 billion cubic meters (bcm) in 2012 to 1,087 bcm at the end of 2022, while 119 bcm was extracted over the same period.

The discovery and development of major gas fields such as Leviathan, one of the world’s largest deep-water gas fields, and Tamar has transformed Israel’s energy mix, with the country’s demand for natural gas forecast to double over the coming two decades. With 22.9 trillion cubic feet of recoverable gas, Leviathan is the largest natural gas reservoir in the Mediterranean, and one of the largest producing assets in the region. The 330 square kilometer field was discovered in December 2010 by NewMed Energy (OTCPK:DKDRF), Chevron Corp.(NYSE:CVX) and Ratio Oil Corp. NewMed is Leviathan’s main operator with a 45.3% working interest; Chevron has a 39.7% working interest while Ratio has a 15%.

By Alex Kimani for Oilprice.com

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