In the midst of war, Israel will double its gas exports and increase its production

• The Israeli government has approved plans to more than double the country’s natural gas exports.
• Energy Minister Eli Cohen has given the green light to the export of an additional 118 billion cubic meters (bcm) of natural gas from reserves in the eastern Mediterranean.
• The Levant Basin in the eastern Mediterranean Sea has become one of the world’s largest gas reserves, with 85 trillion cubic feet discovered in the last two decades.

The Israeli government has approved a plan to more than double the country’s natural gas exports and boost production from the giant Leviathan gas field, in a bid to improve energy security and strengthen diplomatic relations. Energy Minister Eli Cohen gave the green light to export an additional 118 billion cubic meters of natural gas from reserves in the eastern Mediterranean, more than double the 105 billion cubic meters previously approved. NewMed Energy (OTCPK:DKDRF) has revealed that its partners Chevron Corp. (NYSE:CVX) and Ratio Oil Corp Leviathan is one of the world’s largest deepwater gas fields, with an estimated recoverable gas capacity of 22.9 trillion cubic feet. The 330-square-kilometer field was discovered in December 2010 by NewMed Energy, Chevron Corp and Ratio Oil Corp. NewMed is the lead operator of Leviathan with a 45.3% interest; Chevron holds a 39.7% interest while Ratio holds a 15% interest.

According to NewMed, Israel plans to gradually increase its Leviathan production from 12 to 21 billion cubic meters per year. The group is currently negotiating new agreements to sell gas domestically and abroad. Last year, Israel exported 8.6 billion cubic meters of gas to Egypt in 2023, a 39% increase from the previous year, and sent an additional 2.9 billion cubic meters to Jordan.