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Netanyahu Highlights Israel's $100 Billion in Offshore Gas Revenue
Prime Minister Benjamin Netanyahu visited the Leviathan gas platform on Thursday and said Israel expects to extract NIS 400 billion from offshore gas. He and Energy and Infrastructure Minister Eli Cohen presented gas as a strategic national asset and a source of lower electricity prices.
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What happened
- 01Benjamin Netanyahu visited the Leviathan gas platform on Thursday, alongside Energy and Infrastructure Minister Eli Cohen.
- 02Netanyahu said Israel expects to extract NIS 400 billion from offshore gas for the state treasury.
- 03The Prime Minister’s Office said NIS 32 billion has already been transferred to the state from gas revenues since 2019.
- 04The office projected cumulative revenues from Israel’s gas and oil sector at more than NIS 350 billion.
- 05The government said electricity prices in Israel are more than 20% lower than in the European Union because of natural gas.
- 06A gas export deal with Egypt, valued at about NIS 112 billion, is expected to bring about NIS 58 billion to the treasury.
- 07The Leviathan platform resumed operations after a temporary shutdown for security reasons, and Israel is seeking more reserves and infrastructure for AI demand.
According to the Prime Minister’s Office, about NIS 32 billion has already been transferred to the state from gas revenues, and cumulative income from the gas and oil sector is expected to exceed NIS 350 billion. The office said domestic gas production has saved families thousands of shekels and left electricity prices in Israel more than 20% lower than in the European Union.
The visit also highlighted the export deal with Egypt, valued at about NIS 112 billion, from which about NIS 58 billion is expected to reach the treasury. The reports said the field had temporarily shut down for security reasons and later resumed operations.
The government is also seeking new reserves and expanding energy infrastructure to meet growing demand, including from AI server farms.
Summarized by baba from the reports of 3 newsrooms. Updated
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