Israel bets on key Karish gas field to access European market

Israel bets on key Karish gas field to access European market

Israel and Lebanon on Thursday concluded a long-awaited deal to delimit their maritime borders, as Israel this week activated the key Karish gas field unlocked by the agreement.

The offshore field is crucial to Israel's ambitions to tap into European markets, and on Wednesday London-listed firm Energean said it had already begun producing gas from Karish ahead of the signing of the U.S.-brokered deal.

Israeli Prime Minister Yair Lapid had hailed production from the field, saying it "bolsters Israel's energy security, enhances our stature as energy exporters".

Gas produced from Karish will not only ensure supplies to Israel's domestic market, it will feed into those from the Tamar and Leviathan fields, both connected to liquefaction plants in Egypt that then supply global markets.

As Europe turns to gas producers worldwide to diversify its sources following sanctions on Russia due to its Ukraine war, Israel has sought to position itself to fill the neighboring continent's growing energy needs.

"We are going to be part of the effort to replace Russian gas in Europe," Lapid said last month during a visit to Germany, adding that the country aims to provide 10 percent of what Moscow was delivering before the invasion.

- Replacing Russian gas -

In 2021, Moscow supplied