Israel and Egypt signed a memorandum of understanding with the European Union in June to send more gas to the bloc as part of its efforts to diversify its energy resources away from Russia..
Asked when the new supplies would be delivered under the framework agreement, Lior Shilat, director-general of the Israeli Energy Ministry, said it would take some time..
“In the short term, there will be some increase, but the big shipments will come later,” he told Reuters on the sidelines of the United Nations Climate Change Conference (COP27) in Egypt.“.
Israel turned into an energy exporter after discovering a number of offshore gas deposits during the past decade. It has recently worked to increase the quantity it sells to Egypt and Jordan, while considering options to ship more to Egypt, where gas can be liquefied and sold to distant markets, such as those that depend on liquefied natural gas..
Shelat said that Israel expects to be able to significantly increase its gas production, and perhaps even double it, within three or four years, which will provide large quantities that exceed its needs for domestic consumption.
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