The revenue from natural gas exports royalties collected by Israel’s Ministry of Energy and Infrastructure hit a record 2.19 billion Shekels ($595 million) in 2023, as exports to Jordan and Egypt increased by 25%. The total income from such royalties has crossed the 25 billion Shekel ($6.7 billion) mark.
The ministry reported that in the past year there was an increase of about 13.9% in the total amount of natural gas production compared to 2022.
The total production of natural gas for the domestic economy of the two largest reservoirs in Israel, “Tamar” and “Leviathan” decreased, due to the introduction of the Karish (Shark) reservoir as an “additional producer creating a more competitive environment in the natural gas market in Israel.”
The year 2023 was the first full production year of the Karish gas field. The total revenues from the royalties of this reservoir amounted to approximately 390 million Shekels ($107 million), of which a total of approximately 280 million Shekels (roughly 71.7%) originated from the production of natural gas for the local economy, while the rest of the revenues originated from the export of condensate.
