Israel plans to boost gas exports to close government accounts

On June 26, partners at the Leviathan gas field in Israel announced plans to invest up to $500 million to increase the project’s capacity. This movement occurs in parallel with Israel’s decision to significantly expand its natural gas exports.

Yigal Landau, CEO of Ratio Energies, one of the partners in the venture, said: “The demand for natural gas in Israel and regional markets is increasing, and as such, we are preparing to expand production at the Leviathan project.”

Israel’s Energy Minister, Eli Cohen, revealed that his ministry recently approved the export of an additional 118 billion cubic meters of gas, in addition to the 105 billion initially allowed. Cohen highlighted that this measure aims to improve the country’s energy security and strengthen the national economy.

In the context of regional conflicts, including the war in the Gaza Strip and actions against Hezbollah, Israel’s economy has been severely impacted, with a reduction of almost 20% in GDP in the final months of 2023. Important ports such as Eilat, and other economic areas also faced major challenges.

Rising tensions on the border with Lebanon and the threat of a wider war against Hezbollah have raised concerns about energy security. Recently, Hezbollah released videos showing that it has the coordinates of strategic locations in Israel, including oil and gas infrastructure, increasing the risks in the event of an escalation of the conflict.

This expansion announcement seeks to not only meet growing demand for natural gas, but also strengthen Israel’s position as a key energy exporter in the region, in a period of increasing geopolitical instability.

With information from The Cradle