Israel’s natural gas and oil revenues reach record high, increase of 36.6 percent

Israel’s natural gas and oil revenues reached a record high of 1.68 billion new shekels (460 million U.S. dollars) in 2022, according to an annual report issued by the country’s Energy Ministry on Tuesday.

The figure marks an increase of 36.6 percent compared to the previous record of 1.23 billion shekels registered in 2021.

Israel’s natural gas revenue mostly came from the gas produced at Leviathan and Tamar fields in the Mediterranean Sea, along with the revenues from the nearby Karish field, which began operating in October 2022.

A total of 22.2 billion cubic meters (BCM) of natural gas was produced from the fields in 2022, up 13.8 percent from 19.5 BCM in 2021, it added. ■

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