Israel Launches Fifth Natural Gas Exploration to Strengthen Reserves and Boost Exports

Israel has initiated its fifth competitive process to search for natural gas in its economic waters, aiming to enhance domestic reserves and increase exports. The exploration, planned over three phases, allows Chevron and other firms to bid. Significant reserves already contribute to domestic needs and exports to Egypt and Jordan.

In a strategic move to enhance its energy sector, Israel has launched its fifth competitive process to find more natural gas in its economic waters, according to Energy Minister Eli Cohen. The initiative seeks to bolster Israel's domestic reserves while expanding exports.

The new tender process will unfold in three phases over about a year. Key players include Chevron, the operator of significant fields like Tamar and Leviathan, which will participate as part of a consortium. These fields are located off the Mediterranean coast, with Leviathan largely contributing to exports destined for Egypt and Jordan.

Cohen highlighted the economic significance of the gas sector and its role in promoting regional stability through agreements for supply to neighboring countries. With laws ensuring the initial 50 bcm of discovered gas is reserved for local consumption, Israel looks at future prospects in European markets, given potential new discoveries and improved infrastructure.