Israel’s Government has approved a deal with a consortium that includes the US-based Noble Energy to increase the quantity of natural gas produced at the Tamar field in the Mediterranean Sea.
The agreement also calls for rapid development of Leviathan, Karish and Tanin natural gas fields.
Last week, Israeli Prime Minister Benjamin Netanyahu announced the agreement, which is aimed at setting a framework to exploit gas discoveries that may bring in major new government revenue.
Expected to face a parliamentary vote, the agreement will also make the country become a gas exporter and provide it with strategic leverage in the region.
Benjamin Netanyahu said: "We need to extract the gas from the sea. This decision is an important milestone. We are overcoming the obstacles step by step.
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By GlobalData"The gas will be extracted from the bottom of the sea and will reach Israeli citizens, Israeli industry and the Israeli economy, for the benefit of the citizens of Israel.
"This outline will pass one way or another, and it is about time that it does. The true interests of the State of Israel require the passage of this outline as quickly as possible."
From the Tamar gas field located in Israel’s exclusive economic zone roughly 80km west of Haifa in a water depth of 1,700m, Noble and Delek produced gas since 2013.
Based on the agreement terms, Delek will divest its 31% stake of the offshore gas field within a period of six years, and Noble would reduce its holdings from the existing 36% to 25%.