Israel exported a record amount of natural gas to Egypt in 2024, driven by Egypt's growing energy needs. Infrastructure limitations pose a challenge to further increases in exports.
Israel achieved a record natural gas export performance in 2024, shipping a staggering 981 million cubic feet (cfd) to Egypt . This represents an impressive 18.2% year-over-year increase, according to Middle East Oil & Gas publication MEES. The surge in Egypt ian gas imports is largely attributed to a growing domestic gas deficit stemming from declining production levels within the country.
However, Israel's ability to further ramp up exports faces significant challenges due to existing infrastructure constraints.The Levant Basin in the eastern Mediterranean Sea has emerged as a global powerhouse in natural gas resources, boasting an estimated 85 trillion cubic feet (2.4 trillion cubic meters) of reserves discovered over the past two decades. Countries within the region, including Israel, have been actively exploring and developing these vast reserves. The basin, which spans Egypt, Israel, Cyprus, and Lebanon, has attracted major international energy companies as Europe seeks to diversify its energy sources and secure alternative supplies to replace Russian gas.Over the past decade, Israel has pursued an aggressive strategy of hydrocarbon exploration and development. Its natural gas reserves have surged by an impressive 40% during this period, driven largely by increased drilling and exploration activities. Offshore production has experienced phenomenal growth, expanding fivefold since the launch of Israel's first major producing Tamar field in 2013. Israel's gas reserves have swelled from 780 billion cubic meters (bcm) in 2012 to 1,087 bcm by the end of 2022, while 119 bcm was extracted during the same timeframe. The discovery and development of key gas fields, such as Leviathan, one of the world's largest deep-water gas fields, and Tamar, have fundamentally transformed Israel's energy landscape. The country's natural gas demand is projected to double over the next two decades. Leviathan, with its estimated 22.9 trillion cubic feet of recoverable gas, stands as the largest natural gas reservoir in the Mediterranean and one of the region's most significant producing assets. The 330 square kilometer field was discovered in December 2010 by a consortium comprising NewMed Energy (OTCPK:DKDRF), Chevron Corp. (NYSE:CVX), and Ratio Oil Corp. NewMed operates Leviathan as the main operator with a 45.3% working interest, while Chevron holds a 39.7% working interest and Ratio has a 15% share
NATURAL GAS ISRAEL EGYPT ENERGY EXPORTS LEVENT BASIN
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