Leviathan Gas Field Resumes Amidst Regional Tensions

Israel's NewMed announced on Wednesday that the Leviathan natural gas field, which had been halted for nearly two weeks because of the Iran-Israel conflict, is poised to restart operations shortly. The Leviathan, along with Energean's Karish, are among the two essential facilities off Israel's Mediterranean coast that provide substantial gas exports to Egypt and Jordan, and have been inactive since June 13.

The suspension left only the Tamar field operational, serving primarily domestic purposes. A ceasefire agreement between Israel and Iran came into effect on Tuesday, prompting Israel's Energy Ministry to assess security and authorize Energy Minister Eli Cohen to reopen the Leviathan and Karish sites.

The resumption is crucial for reinstating the supply of natural gas to all clients, including neighboring countries. It will also increase state tax revenues and grant more operational flexibility in electricity and industrial management. According to JODI data, Israeli gas makes up 15-20% of Egypt's consumption, and the temporary supply halt had already affected Egyptian fertilizer production.

(With inputs from agencies.)