For the first time in the country’s history, Israel exported oil. The first shipment in the history of the State of Israel came from the Shark reservoir owned by the energy company Energian which is also traded on the London Stock Exchange, to reserves in Europe that are in the hands of the Vitol company.
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The country already started exporting natural gas several years ago, but has never exported oil in commercial quantities. Shark pool of Energian In the eastern Mediterranean it is the company’s flagship project and has been producing gas since last year.
“The first shipment of Israeli crude oil was made from the company’s Harish reservoir,” said in an official Aranjian announcement, “the shipment was sold as part of a large marketing agreement with the Vitol company.”
Exports from Harish drilling, located near the maritime border between Israel and Lebanon, became possible after the agreement between the two countries signed in October 2022 with American mediation. Despite the export of oil, the production at Harish drilling greatly strengthened the local gas industry, which previously relied on imports.
According to the outline of the agreement between the two countries, which was controversial, Israel and Lebanon agreed that the entire economic water line was determined according to the Lebanese demand, Line 23, and thus 860 square kilometers were transferred to Lebanon’s economic control, including the potential Kana-Sidon gas field. Israel gave up this area It occupied about half of the entire field, and a small section that penetrates into Israel’s economic waters south of the 23rd line remains in its hands.
Also according to the agreement, Lebanon manages the production in the field through the French company Total and its partner, the Italian company Eni. Israel received compensation for royalties from the portion that remained in its hands (about 17%) in the agreement signed with the Total company.
Despite the previous exports, Israel will probably continue to import crude oil. Energian stated that the company will continue to focus on natural gas even though “crude oil, in responsible production, is in very high global demand”, according to the company.