The conflict in Israel threatens much in the region and beyond. Rising tensions and security concerns also have potential repercussions on the country’s ambitions to grow its natural gas exports.
In the space of little more than a decade, Israel has become a significant gas producer and regional exporter. It produced almost 22bn cubic metres of gas last year from its giant Leviathan and Tamar fields, of which, 9 bcm were piped to Egypt and Jordan. Chevron is a major shareholder in both fields. Israel’s NewMed Energy owns 45 per cent of Leviathan, while Abu Dhabi’s Mubadala owns 22 per cent of Tamar.
News that the Israeli government awarded a further 12 exploration licences over the weekend, to operators including Italy’s Eni, and BP, underscores its growth ambitions.