2024-02-21 14:32:18
The Israeli Ministry of Energy has given the “green” light to the agreement, according to which Israel will increase its export of natural gas to Egypt from the offshore field “Tamar”, the online publication “Enterprise News” reported.
The agreement calls for Israel to supply an additional four billion cubic meters over the next eleven years from July 2025, which is three times more than the amounts currently being exported from the gas field, according to a publication in the Israeli newspaper Kalkalist.
Higher volumes will depend on expanding Tamar’s capacity, increasing production of blue fuel from the deposit and laying a third pipeline between the wells and the production platform.
On Sunday, US energy giant Chevron and its Tamar gas field partners agreed to invest $24 million to expand production to 1.6 billion cubic feet per day by 2026, up 60 percent. more than current volumes.
Already in August the then Israeli Minister of Energy, Israel Katz, announced that his country would increase gas exports from Tamar to Egypt by 3.5 billion cubic meters per year over the next 11 years, with the potential to reach 4 billion cubic meters, BTA reported.
The agreement is part of plans to secure alternative sources of natural gas for Europe as it seeks to end its dependence on Russian fossil fuels. In June 2022, Egypt and Israel signed a memorandum of understanding with the EU, which provides for Israel to send more blue fuel to Egyptian facilities for liquefaction and export to the Old Continent.