Israel has gone through an energy production revolution owing to discoveries of natural gas resources such as the Tamar and Leviathan fields over the past decade. Against this backdrop, the country’s gas production will significantly exceed the demand and it will emerge as a gas exporter in the Eastern Mediterranean region by mid-2020s, says GlobalData, a leading data and analytics company.
The company’s latest report reveals that gas demand in Israel is forecast to increase significantly to more than 800 billion cubic feet (bcf) in 2029, mainly due to the government commitments to COP 21 (Paris agreement) environmental targets and plan to reduce the dependence on coal over the next decade.
Currently, Israel’s remaining recoverable gas reserves are estimated to be around 26.2 trillion cubic feet (tcf), approximately 62 times greater than the country’s anticipated gas consumption in 2019.
Export agreements to Jordan and Egypt have already been agreed for the Leviathan Phase 1A gas volumes. Israel will also export 106 bcf gas per year to Jordan starting from 2020 through a 65 kilometer (km) pipeline.
