Israel’s Natural Gas, Oil Revenues Hit Record High in 2020

The ministry expects an increase in gas and oil royalties in 2021 to a new record of 348 million dollars.

SEATTLE (Oil Monster):  Israel’s natural gas and oil revenues totaled 1.09 billion new shekels (about 330 million U.S. dollars) in 2020, according to an annual report issued on Monday by the country’s Ministry of Energy.

This is a record high figure and an increase of 29.4 percent compared to oil and natural gas revenues of 255 million dollars in 2019.

The report includes revenue from royalties from natural gas, oil and minerals, as well as fees, which all together amounted to about 335 million dollars in 2020.

Most of Israel’s natural gas revenue came from the natural gas produced at Tamar and Leviathan fields in the Mediterranean Sea.

Thus, a total of 15.59 billion cubic meters (BCM) of natural gas was produced from both fields in 2020, an increase of 48.5 percent compared to about 10.5 BCM in 2019.

According to the report, Israel’s revenues from Tamar’s royalties since it started operation in 2013 has reached 1.75 billion dollars.

The ministry expects an increase in gas and oil royalties in 2021 to a new record of 348 million dollars.

In addition, royalties from minerals totaled about 2.64 million dollars in 2020, down 18.6 percent from 2019.

Courtesy: www.hellenicshippingnews.com