Israel has ordered the temporary shutdown of the country’s largest natural gas field, according to an Energy Ministry statement.
The shutdown of the Leviathan offshore field is due to security concerns following Israel’s attack on Iran and Tehran’s promise of retaliation. The shutdown follows Energean Plc’s suspension of gas production at the behest of the ministry following a rapid escalation of geopolitical tensions.
The disruptions are likely to affect regional supplies, particularly to Egypt, just as the North African country’s gas demand is rising due to the summer heat. A prolonged period of reduced supplies from Israel may force Cairo to switch to liquefied natural gas (LNG) purchases, further constraining global markets. Natural gas prices in Europe rose by 6.6%.
The Leviathan field in the eastern Mediterranean is operated by Chevron Corp. The project supplies natural gas to domestic customers, as well as to neighboring countries such as Jordan and Egypt. Energean’s Karish field exclusively meets domestic demand in Israel. It was not immediately clear whether Tamar, the other field operated by Chevron, has also been suspended.
Chevron referred questions to Israel’s energy ministry, adding that “our staff and facilities are safe.”
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