The Israeli government recently approved the export of an additional 118 billion cubic meters of natural gas from its offshore reserves in the Eastern Mediterranean. The move is in addition to the 105 billion cubic meters already approved, boosting the country’s gas exports. Energy Minister Eli Cohen said the increased exports would strengthen Israel’s diplomatic ties, improve the country’s energy security and generate additional revenue for the national economy. The Leviathan field partners, primarily operated by Chevron Corp, NewMed Energy LP and Ratio Energies LP, plan to invest $400 million to $500 million in the engineering design of the field expansion. The investment is aimed at increasing production capacity to meet growing demand for natural gas in regional markets.
Regional Development and Perspectives
The Leviathan field, the largest of Israel’s three offshore gas fields, exports mainly to Egypt and Jordan. Currently, it produces 12 billion cubic meters per year, with a goal of gradually reaching around 21 billion cubic meters per year. In 2023, Israel exported 8.6 billion cubic meters of gas to Egypt, an increase of 39% from the previous year, and supplied 2.9 billion cubic meters of gas to Jordan. Ratio Energies LP, one of the project partners, highlighted the importance of this expansion to meet the growing demand for natural gas in Israel and regional markets. Ratio chief executive Yigal Landau said the company is preparing to increase production to meet these needs.
Economic and Security Impact
The expansion of the Leviathan field represents a major step forward for the Israeli economy, not only in terms of revenues but also in strengthening Israel’s geopolitical position in the region. Chevron Corp expressed its satisfaction at being able to collaborate with Israel in the development of its energy resources, emphasizing that this initiative will benefit both the country and the region. This increase in production capacity and exports of natural gas is a direct response to the growing demand, both in the domestic and international markets. The project partners continue to negotiate new contracts to sell gas domestically and internationally, thus consolidating Israel as a key player in the regional energy sector.
This dynamic expansion of the Leviathan field illustrates Israel’s strategy of maximizing its natural resources to strengthen its economy and diplomatic position, while ensuring increased energy security for the future.
