Energy Sources

Israel Orders Chevron to Halt Gas Field Operations, Threatening Fuel Prices

Main image to the post Israel Orders Chevron to Halt Gas Field Operations, Threatening Fuel Prices

Israel has issued a directive for Chevron to cease operations at a significant natural gas field, raising concerns about potential spikes in fuel costs in the near future. The decision to suspend activities at the Tamar gas platform, situated off Israel's southern coast, was prompted by the country's defense establishment due to security threats amid the Israel-Hamas conflict, potentially exacerbating the existing turmoil in global energy markets.

The global natural gas market, already impacted by the ongoing war in Ukraine and labor disputes in Australia, faces further uncertainty with the shutdown of the Tamar gas field. While Israel is not a primary gas producer on a global scale, the nation's gas production has seen growth following the inauguration of various fields, including Tamar. Chevron, holding a 25% stake in Tamar, and Isramco based in Houston with a 28.75% stake, are significant players in this development. Additionally, Israeli gas from Tamar is exported to Egypt, which plays a crucial role in the EU's energy security by processing the gas into liquefied natural gas for export to European nations seeking alternatives to Russian energy sources amidst the conflict in Ukraine.

As the news of the Tamar gas field shutdown spread, natural gas futures prices experienced a notable surge, with Dutch gas futures increasing by nearly 30% to 49.455 a megawatt-hour, marking their highest level since August. This price hike has implications for consumers, potentially leading to elevated electricity bills as natural gas is a primary source for electricity generation and heating. Despite the suspension of operations at Tamar, Chevron reassured its customers that gas supply would be maintained from the Leviathan gas field in the Mediterranean Sea, sustaining regional energy needs. However, the disruption in Israeli gas deliveries to Egypt, accounting for a 20% reduction, poses challenges for Egypt's LNG exports to Europe in the months ahead, according to experts in the energy sector.

Published By:
Round userpic of the post author Muchacha
Your read-to-Earn opportunity:
Post Profit
Earned for Pluses ?
Comment Rewards?
Likes Own?
Likes Commenter?
Likes Author?
Dislikes Author?
Profit Subtotal, Twei ?
Post Loss
Spent for Minuses?
Comment Tributes?
Dislikes Own?
Dislikes Commenter?
Post Publish Tribute?
PnL Reports?
Loss Subtotal, Twei ?
Total Twei Earned: ?
Price for report instance: 1 Twei

Comment-to-Earn

how to comment-to-Earn
Opens automatically on LVL 13
Each time someone gives a like to you comment you earn Twei.
Potentially, the more comments you add the more Twei you earn.
SVG animated loader

More Read-to-Earn News

Here you can read and earn more Twei. It's real money.

Image placeholder for AI-generated post in Supremacy news game
May 21, 2023 | 05:09