Boston, MA -- (SBWIRE) -- 05/22/2013 -- The long-term outlook for Israel's energy sector is increasingly positive, as some of the country's major gas discoveries move closer to development. Indeed, just as Israel is forced to cope with challenges to its energy security, it edges closer to greater energy independence through the beginning of production at the country's offshore Tamar oilfield. The country's potential as a natural gas exporter is also growing, as it is likely that gas from both the Tamar and Leviathan fields will become available for export over the medium term.

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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 Leviathan offshore fields, Israel is primed to emerge as an exporter of gas over the course of BMI's forecast period to 2022. Indeed, the development of the domestic gas industry is increasingly important to the country's energy security following the 2012 unilateral cancellation of Egypt's 20-year-old gas supply contract, which cut off critical gas supplies to both Israel and Jordan.
- Israeli natural gas consumption is forecast to expand significantly in 2013, far exceeding average gas consumption rates prior to the Egyptian revolution and increased gas import pipeline attacks, which caused a significant drop in consumption. Indeed, consumption in 2013 is forecast to be 5bn cubic metres (bcm), a 74% increase from 2009 consumption of 2.88bcm. Over the long term, the country's growth as a gas exporter will raise the economy's dependence on natural gas, pushing forecast consumption to 14.16bcm by 2022.
- Israel's first floating liquefied natural gas (FLNG) import terminal began receiving gas imports from BP in January 2013. The FLNG buoy is an important component of meeting the country's short-term natural gas supply needs, particularly as its energy supply sources continue to rebalance after the cancellation of Egypt's gas supply agreement. The buoy is receiving gas supplied by BP, and is expected to continue receiving shipments throughout the first half of 2013, until the offshore Tamar field enters into production.
- Gazprom has agreed in principle to finance a FLNG facility at the Tamar field. A final investment decision (FID) is expected at the end of 2013. If completed, approximately 4.2bcm of natural gas will be exported every year for 20 years from the Tamar field. Just like Leviathan's expected exports a few years later, the country's gas slated for exports would most likely find LNG-hungry Asian buyers. Importantly, however, approximately 70% of the Tamar field's production will be strictly reserved for domestic consumption.

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