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.
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.
With Europe realizing its complete dependency on Russia's gas, and if played with the right cards, the crisis in Ukraine can be an opportunity for Israel's gas exportation to Europe
Revenue and operating profit for Ratio were $74 million and $44 million, with the company reaping a net profit of $28 million.
Beyond learning of the border dispute, the representatives discussed business opportunities in relations to gas pipelines.
Development of the Aphrodite gas field in Cypriot waters has been held up because a small part of it stretches into Israel's maritime zone.
For years the project was a distant prospect because of the Israeli-Palestinian conflict.
"This is the first and largest cooperation of its kind since the peace agreement signed between Egypt and Israel 40 years ago," Steinitz said.
This latest sanction follows a NIS 3.8m. fine that Noble Energy was handed last month for violating its permit for gas flow into the sea.
"The ministry considers the violations to be serious and emphasizes that it will not allow the operation of facilities at sea without full transparency."