Israel’s natural gas industry revealed

The Israeli Natural Gas Trade Association, together with BDO (an international network of public accounting, tax, consulting and business advisory firms), issued an “unprecedented thorough” study of Israel’s natural gas revolution” as it unfolded over the last decade.

The cumulative savings to Israel’s economy from the industry in the last decade exceeded 316 billion shekels (US$87 billion). This reflects a savings of more than 120,000 shekels (33,000 USD) for each household in Israel over the past decade. Israel’s national natural gas reserves have increased by 40 per cent. Israel is the OECD leader in saving gas for the future and ranks third in the organization in per capita reserves. Over the past decade, an amount of 19 billion shekels (US$5.2 billion) was paid directly into the state coffers. This amount is expected to grow to 90 billion shekels (US$25 billion) by 2030.

Thanks to natural gas, the price of electricity in Israel at the end of 2022 is about 50 per cent lower than in Europe. Significant reductions were also observed in the intensity of pollutants and greenhouse gas emissions in Israel. Israel has been engaged in a national campaign to switch to renewable and less polluting sources of energy for some time. This includes preparing to switch to only electric vehicles in the country. Israel has several underwater natural gas fields in the Mediterranean Sea and has yet to fully develop them. It has more than enough gas for its own needs and therefore Israel is already working on pipelines to export its natural gas to other countries.

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