2013 Israel Oil and Gas Industry Report Q1

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Dallas, TX (prHWY.com) January 8, 2013 - The long-term outlook for Israel's energy sector is increasingly positive, as some of thecountry's major gas discoveries move closer to development. However, Israel must cope with anincreasingly adverse political climate, with short-term threats posing challenges to the country's energysecurity. This remains particularly true now Egyptian gas exports have been taken offline following thecancellation of a twenty-year-old gas supply agreement.

We highlight the following trends and developments in Israel's oil & gas sector:

Bolstered by the discoveries of significant natural gas reserves at the Tamar and Leviathanoffshore fields, Israel is primed to emerge as an exporter of gas over the course of BMI'sforecast period to 2021. The development of the domestic gas industry is increasingly importantto the country's energy security following Egypt's cancellation of its twenty-year-old gas supplycontract, which has cut off critical gas supplies to both Israel and Jordan.

Although Israeli gas consumption declined slightly in 2011, from 3.69bn cubic metres (bcm) in2010 to an estimated 3.32bcm, owing largely to attacks on the gas import pipeline from Egypt,gas consumption is forecast to have rebounded in 2012 and will rise to 5.01bcm in 2013. This islargely on the back of attempts to diversify and end a reliance on Egypt for gas. Indeed, thefinalisation of Israel's first floating liquefied natural gas (FLNG) import terminal, with firstshipments anticipated in December 2012, is an important step towards meeting the country'sshort-term natural gas supply needs. Over the long term, the country's growth as a gas exporterwill raise the economy's dependency on natural gas, pushing forecast consumption to 13.48bcmby 2021.

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Gas production should reach just over 20bcm by 2021, assuming the Leviathan field comesonstream by 2017. Due to the significant potential at Leviathan and other fields, including (butnot limited to) the Marine field and the Shimshon reservoir, there are also strong upside risks tothis forecast. However, in order to successfully develop the Marine field considerable politicalrisks must be overcome as the field is located offshore Gaza. The Israeli government and thePalestinian Authority entered into negotiations over the development of the field in September2012, although significant challenges, including disagreements over revenue sharing, endure.

While gas production is set to rocket, oil also holds considerable potential, both in the form ofdeep offshore reservoirs and a pilot scheme for oil shale, which could potentially unlock severalbillion barrels of reserves.

Israeli oil consumption is set to decline substantially, from a high of around 244,000 barrels perday (b/d) in 2013 to under 210,000b/d by the end of the forecast period in 2021. We do notexpect a rise in Israel's 220,000b/d refining capacity over the forecast period.

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Tag Words: oil and gas industry, israel gas industry, israel gas market, israel oil market, oil and gas, israel oil and gas

Categories: Energy

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