Israel is increasing its offshore natural gas production and intends to reach a supply agreement with Europe in the coming months.
Israel is on track to double its production in the coming years to 40 billion cubic meters (bcm), compared to the current 20,000 bcmthanks to the expansion of projects and the start-up of new deposits, according to those responsible for the sector.
Israel currently supplies its own market and, through a local pipeline network, exports to Egypt and Jordan, while much of the additional gas goes to Europe.
“The hope is to create a relatively quick work process and during the summer to reach a framework agreement,” said Lior Schillat, director general of Israel’s Ministry of Energy.
“At first it will be small quantities and little by little, as production and delivery capacities increase, (gas quantities) will increase,” Schillat said.
Agreements like this, he said, are usually reached first between governments and the deals are closed later in the private sector. Being realistic, this would help Europe no earlier than 2024he remarked, without specifying which countries or groups would be potentially involved.
A supply deal is a challenge that requires navigating the politics of the region, but one option would be to export to Europe through liquefaction plants in Egypt and then pipe the gas north through pipelines that are in various stages of completion. planning.
A floating liquefied natural gas (FLNG) facility, also under discussion, would allow shipments to Europe directly from Israel.
Other possibilities are the proposed Eastmed pipeline, an ambitious and expensive project that would connect the gas fields to mainland Europe, or a shorter pipeline to Turkey.
Due to the war in Ukraine, Europe wants to stop the flow of Russia, supplier of about 40% of its natural gas.
Israeli gas would help Europe diversify, along with supply from other countries such as the United States and Qatar.