The resignation of Israel’s economy Minister Aryeh Deri has paved the way for the country to develop its natural gas fields.
The minister has historically refused to give the plans the go-ahead. He was joined by Antitrust Authority’s former commissioner, David Gilo, who said the blueprint did little to weaken the monopoly over Israel’s offshore gas fields. The fields are predominately owned by Texas-based Noble Energy and Israel’s Delek Group.
It’s thought the gas, discovered over the past six years, could sustain Israel’s needs for decades.
Gilo also tendered his resignation in protest.
Israeli Prime Minister Benjamin Netanyahu, who will take over Deri’s responsibilities, said: “Today we are taking a major step to advance the supply of gas in Israel,” Netanyahu said at the weekly cabinet meeting in Jerusalem. “Gas will be the No. 1 engine for growth in Israel during the coming years.”
Surplus gas would be exported to fuel neighbouring Jordan under an existing deal. Israel is currently holding talks regarding the possibility of using Egyptian gas plants to convert its resource into liquid natural gas, opening up exportation routes beyond the Middle East.