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A potential gas pipeline between Turkey and Israel is being considered as one of the alternatives to Russian energy supplies in the wake of Moscow’s military attack on Ukraine, reported Reuters.
Proposed years ago, the Turkey-Israel project would see the construction of a subsea pipeline from Turkey to the Leviathan field, offshore Israel.
Through the pipeline, production from Israel’s largest offshore natural gas field would flow to Turkey and onto its southern European neighbours.
A potential deal involving the pipeline would face many hurdles, the news agency reported, citing government and industry officials in both countries.
Last week, Turkish President Tayyip Erdogan was quoted by Reuters as saying that gas cooperation was ‘one of the most important steps we can take together for bilateral ties’.
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Erdogan told reporters that the country was ready to revive the proposed pipeline project, which has been delayed for years.
According to a senior Turkish official, talks between the countries over the pipeline project have continued since the visit of Israeli President Isaac Herzog to Ankara, earlier this month.
Final decisions on a proposed route for the pipeline project, and its participating entities, are expected in the coming months, the official said.
Israeli Energy Minister Karine Elharrar told Ynet news that discussions are yet to be made on the project, including the finances.
“It needs to be found economically feasible, which is not something self-evident.”
Industry officials believe that geopolitics and production restraints could result in the project being abandoned.
The field’s partners plan to increase its production capacity to 21 billion cubic metres (bcm) a year, from the current 12bcm.
Global crude oil prices have rebounded amid tight supply and concerns over new Western sanctions against Russia, despite signs of progress following peace talks between Moscow and Ukraine.
Brent crude futures reached $112.78 while the US West Texas Intermediate (WTI) crude futures increased by 82 cents, or 0.8%, to settle at $105.06 a barrel, reported Reuters.