Israel expands natural gas exports

Israel has approved a significant increase in natural gas exports from its offshore fields to boost the economy and enhance energy security.

The Leviathan project partners, including Chevron and Israeli companies NewMed Energy and Ratio Energies, plan to invest $400-500 million to expand capacity.

The decision allows an additional 118 billion cubic metres beyond the previously approved 105 billion cubic metres, pending specific export licenses.

Production at Leviathan, currently at 12 billion cubic metres annually, is set to rise to around 21 billion cubic metres per year, with ongoing negotiations for new domestic and international sales agreements.