The European Union has expressed interest in buying natural gas from Israel.
Israeli National Infrastructure, Energy and Water Minister Yuval Steinitz met with EU Ambassador to Israel Lars Faaborg-Andersen on Wednesday to discuss possible export of newly found natural gas to Europe.
According to a statement issued by the ministry, Steinitz updated the EU ambassador ‘’on the timeline regarding the development of gas reservoirs and the possibility of exporting natural gas from Israel to Europe.”
Andersen reportedly said that the interest of the EU in the Israeli gas had increased in the wake of a recent deal signed between the Israeli government and a U.S.-Israeli consortium to develop the country’s natural gas fields.
In December 2015, after years of political infightings, Israeli Prime Minister Benjamin Netanyahu signed a long-awaited agreement allowing Texas-based Noble Energy and Israel-based Delek Group to develop the Leviathan natural gas field off Israel’s Mediterranean coast.
Found in 2010, Leviathan has estimated reserves of 621-billion-cubic-meter of natural gas.
Noble believes that gas from Leviathan could reach markets as soon as 2019, despite the drop in gas prices. Gas production in Tamar, a nearby smaller gas field, kicked off in March 2013.
European Commissioner in charge of Climate Action and Energy, Miguel Arias Canete, is expected to visit Israel on an official visit in the near future.