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(JNS) Israel's economy saved more than $86.7 billion over the past decade thanks to its development of offshore natural gas, according to a study released Tuesday by economic consulting firm BDO and the Israeli Natural Gas Trade Association. The price of electricity in Israel was nearly 50% lower than in Europe at the end of 2022 due to its use of natural gas. More than $5 billion in gas revenue has been paid directly to the state treasury, with an additional $19 billion forecast to be paid by 2030. Israel's natural gas reserves have also grown, from 780 billion cubic meters (BCM) in 2012 to 1.087 BCM, as more natural gas discoveries were made. According to a 2015 report by the Ministry of Energy, there's potential for discovering an additional 2,100 BCM of natural gas in Israel's economic waters. 2023-08-03 00:00:00Full Article
Israel's Natural Gas Development Has Led to $86 Billion in Savings
(JNS) Israel's economy saved more than $86.7 billion over the past decade thanks to its development of offshore natural gas, according to a study released Tuesday by economic consulting firm BDO and the Israeli Natural Gas Trade Association. The price of electricity in Israel was nearly 50% lower than in Europe at the end of 2022 due to its use of natural gas. More than $5 billion in gas revenue has been paid directly to the state treasury, with an additional $19 billion forecast to be paid by 2030. Israel's natural gas reserves have also grown, from 780 billion cubic meters (BCM) in 2012 to 1.087 BCM, as more natural gas discoveries were made. According to a 2015 report by the Ministry of Energy, there's potential for discovering an additional 2,100 BCM of natural gas in Israel's economic waters. 2023-08-03 00:00:00Full Article
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