On Friday, in advance of Hochstein’s visit, the Lebanese Foreign Minister expressed optimism that an agreement over the long-simmering dispute could be reached,
The EU declared that it would also help Egypt and Israel increase gas production and exploration in their respective territorial waters.
By prioritizing natural gas rather than renewables, Israel is essentially saying that we prefer the comfort and convenience of the present generation over our grandchildren's future.
A visit to the Leviathan gas rig off the coast of Haifa illustrates the country’s opportunity to up its gas game and wield its diplomatic power across the globe.
The newfound energy source could incentivize competition in the Israeli energy economy, reducing energy prices and energy related services.
2.7 billion cubic meters (BCM) of natural gas was sold from the Leviathan reservoir in Q1, of which 1.8 BCM was exported to Egypt and Jordan.
Israel and Egypt are producers of natural gas and the question is whether they or other east Mediterranean potential producers are relevant to the current situation.
The EastMed pipeline, meant to transfer natural gas from Israeli waters to Europe via Greece and Cyprus, was announced in 2016.
Gas will flow through the Israel National Gas Line from the Karish gas field to produce energy.
The recent incident is not Chevron Mediterranean’s first violation aboard the Leviathan rig: in 2020, they were fined $1.1 million by the Energy Ministry for "blatant violations."
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