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Thursday, December 07 2023

Tel Aviv: Israel approves production of Karish gas field

Israel approves production of Karish gas field
Photo Credit : IANS
Tel Aviv: Israel said it has granted permission to the London-based company Energean to begin production at the Karish natural gas field in the Mediterranean Sea.

“The gas production from Karish will greatly contribute to meeting the needs of the local economy and Israel’s international obligations,” Energy Minister Karin Elharrar was quoted as saying in a statement issued by the government on Tuesday.

The production of the Karish rig strengthens Israel as a significant supplier of natural gas, and will increase natural gas exports to Egypt and Jordan, and from there to European countries that need an additional source of natural gas amid the global energy crisis, Xinhua news agency reported citing the Ministry as saying.

This move also has enormous economic significance for the local energy market and the Israeli economy, and helps Israel and countries like Egypt and Jordan to reduce the use of polluting fuels such as coal and oil, which will dramatically lower the air pollution, it said.

After connecting the Karish rig, Israel will be operating three separate natural gas fields connected to the local economy, along with the nearby Leviathan and Tamar fields, which will increase competition and lower gas prices, according to the ministry.

The Karish field is located close to the disputed maritime area between Israel and Lebanon, on which an agreement was reached to settle the dispute between the two countries earlier this month.

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