Israel is renewing its offshore natural gas exploration, Energy Minister Karine Elharrar announced Monday, having previously paused the efforts to look for more environmentally alternatives.
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The decision comes as Israel hopes to export gas to the European Union, which is seeking to diversify its gas resources to minimize its dependence on Russia. European, Israeli and Egyptian officials are currently in negotiations over such a potential deal.
"Alongside the real and sincere concern in Europe, there is a real opportunity for Israel to export natural gas to Europe," the minister said at a news conference.
Elharrar also said she had instructed the ministry to prepare for a new round of tenders for gas exploration off Israel's Mediterranean coast, which is expected to begin in the third quarter.
"We established a three-way working group with Israel, Europe, and Egypt. We will sign, I hope in the near future, a memorandum of understanding that will create the framework agreement for export," she said.
The idea, for now, is for gas to be sent from Israel to Egypt through an expanded pipeline network, where it will be liquefied and then shipped to Europe. Other options, like the long-discussed Eastmed pipeline that would connect Israeli gas fields directly to Europe, are also on the table, Elharrar said.
When asked about keeping gas reserves for Israel, she reiterated that the needs of the Israeli economy will always take priority.
Officials said it would take at least two years before significant amounts of Israeli gas could reach Europe.
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