Israel's Natural Gas Reserves Expand 40% as Production Ramps Up

Israel exported a record 981mn cfd of natural gas to Egypt in 2024, good for 18.2% year-over-year. According to Middle East Oil & Gas publication MEES, the remarkable surge in imports can be attributed to a growing gas deficit resulting from declining domestic production by Egypt. However, Israel will struggle to ramp up exports further due to infrastructure limitations. The Levant Basin in the eastern Mediterranean Sea has emerged as one of the world’s top natural gas resources, with 85 trillion cubic feet (~2.4 trillion cubic meters)…