Leviathan Gas Field to Resume Operations Amid Iran-Israel Tensions

In a significant development, Israel's NewMed announced that the Leviathan natural gas field is poised to resume operations within hours, following a two-week shutdown prompted by the Iran-Israel conflict. This move comes after the recent ceasefire agreement between the two nations.

The Leviathan and Karish fields, both pivotal for Israel's gas exports to Egypt and Jordan, had remained closed since June 13. The only operational field during this period was the Tamar field, primarily serving domestic needs. With the reopening of these fields, experts anticipate a steady resumption of gas exports and a consequent rise in state tax revenues.

This restoration is crucial, considering Israeli gas constitutes about 15-20% of Egypt's consumption. During the disruption, Egyptian fertilizer producers faced significant operational challenges. Additionally, there's anticipation surrounding Egypt's LNG regasification capabilities, with plans to bring another Floating Storage and Regasification Unit online soon.

(With inputs from agencies.)