The long-term outlook for Israel's energy sector is increasingly positive, as some of the country's major gas discoveries move closer to development. Indeed, just as Israel is forced to cope with challenges to its energy security, it edges closer to greater energy independence through the beginning of production at the country's offshore Tamar oilfield. The country's potential as a natural gas exporter is also growing, as it is likely that gas from both the Tamar and Leviathan fields will become available for export over the medium term.
We highlight the following trends and developments in Israel's oil & gas sector:
- Bolstered by the discoveries of significant natural gas reserves at the Tamar and Leviathan offshore fields, Israel is primed to emerge as an exporter of gas over the course of BMI's forecast period to 2022.
Indeed, the development of the domestic gas industry is increasingly important to the country's energy security following the 2012 unilateral cancellation of Egypt's 20-year-old gas supply contract, which cut off critical gas supplies to both Israel and Jordan.
- Israeli natural gas consumption is forecast to expand significantly in 2013, far exceeding average gas consumption rates prior to the Egyptian revolution and increased gas import pipeline attacks, which caused a significant drop in consumption. Indeed, consumption in 2013 is forecast to be 5bn cubic metres (bcm), a 74% increase from 2009 consumption of 2.88bcm. Over the long term, the country's growth as a gas exporter will raise the economy's dependence on natural gas, pushing forecast consumption to 14.16bcm by 2022.The price of this market report covers 4 quarterly reports on this sector. This quarterly report will be downloadable instantly as a PDF document, with the 3 remaining reports delivered at regular intervals throughout the year.
Click for Report details:Israel Oil and Gas Report Q2 2013