The Israeli Ministry of Energy has announced a temporary interruption of the operation of Leviathan, the country’s largest gas deposit. According to a Bloomberg report, the closure follows Energean PLC, which also suspended the production of gas by the ministry’s order after the rapid escalation of geopolitical tensions with Iran. Holidays are likely to affect regional supplies, mainly to Egypt, while the demand for the North African gas gas is growing with the heat of summer. A prolonged period of lower Israeli supply can force Cairo to expedite liquefied natural gas markets by further clenching global markets. Gas prices in Europe rose by 6.6%. The Leviathan deposit in the Eastern Mediterranean is managed by Chevron Corp. The project supplies natural gas domestic customers and also the neighboring nations of Jordan and Egypt. Energean’s Karish deposit covers exclusively domestic demand in Israel.
Source: News Beast
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