Natural gas in Israel

An Israeli company said on March 2 it has started exporting gas from an offshore field to Jordan, marking the country's first ever exports of natural gas.

The exports to Jordan began in January, Delek Drilling -- part of a consortium leading the development of Israel's offshore gas reserves -- told AFP.

Israel sees Turkey not only as a big market but also as a major economy in the region, Delek Group's Gas Pipeline Project Director Ofer Oberlander said Feb. 23.        

Greek-based Energean said on Thursday it signed a deal with oil and gas firm TechnipFMC to help develop Israeli offshore gas fields Karish and Tanin.

Energean plans to invest up to $1.5 billion to develop the two fields, which have combined reserves estimated at 2.4 trillion cubic feet.

[Reuters]

Greek company Energean Oil & Gas plans to build its own production system in the Eastern Mediterranean at a cost of up to $1.5 billion to tap two Israeli offshore gas fields, the group's chief executive said on Wednesday.

Energy cooperation has been a major force driving Turkish-Israeli reconciliation.

Israel's Leviathan gas field, the country's largest natural gas reservoir, was discovered in 2010 and is believed to hold 621 billion cubic meters of gas.

If a deal is concluded, an estimated 10 billion cubic meters of gas will be exported to Turkey each year.

Israel has invited bids for 24 new offshore oil-and-gas exploration licenses it hopes will bring more major finds in the Mediterranean as it strives to become an energy exporter. "We are offering for exploration half of our economic waters in 24 blocks," Energy Minister Yuval Steinitz said, announcing the offer which closes on April 21.

Greece, Greek Cyprus and Israel said on Sept. 28 they would pursue ways of channeling east Mediterranean gas to Europe via a pipeline to Greece.With significant finds reported in the past decade, Israel and to a lesser extent Greek Cyprus are thought to be sitting on vast quantities of natural gas wealth, but have yet to come up with concrete plans on how to export it.

Israel is looking to exploit its substantial natural gas reserves with two potential pipeline projects to Turkey and Greece, its Energy Minister Yuval Steinitz announced Feb. 7.

Israel's government has given the go ahead to begin exporting natural gas to Egypt, signaling a potential improvement in relations between two countries which have been at loggerheads over energy supplies.

Energy consumption in the Mediterranean region will increase by 50 percent by 2040 as population and economic growth drives demand, said Sohbet Karbuz, director of hydrocarbons at the Paris-based Mediterranean Energy Observatory.