Israel Halts Its Biggest Gas Field, Cutting Supply to Egypt

Israel is shutting down production at its biggest natural gas field, slashing supply to Egypt, which is heavily dependent on energy imports. 

The nation ordered the halt of the offshore Leviathan field operated by Chevron Corp. due to security concerns, according to a statement from the Energy Ministry. Supply of gas to Egypt has already fallen, according to a person familiar with the matter. Energean Plc has also suspended output in Israel. 

The disruption to regional supply coincides with rising demand due to summer heat in Egypt, which receives pipeline deliveries from Israel. 

A prolonged period of lower Israeli supply may force Cairo to bring forward purchases of liquefied natural gas, further tightening global markets. Gas prices in Europe rose as much 6.6% on Friday. 

The Leviathan field is located in the eastern Mediterranean, supplying gas to domestic customers as well as Jordan and Egypt. 

Output at Tamar, also operated by Chevron, hasn’t currently been suspended, the Israeli energy ministry said.

Energean’s Karish field only meets domestic demand in Israel. 

Egypt is already heavily dependent on gas imports after domestic production slumped. It’s ramping up liquefied natural gas imports, but recently agreed supply deals won’t start until next month. 

Read: Egypt Agrees on Large LNG Deals With Hartree, Vitol, Aramco 

Jordan can no longer import LNG, after a floating terminal that previously met its needs moved to Egypt. 

Chevron referred questions to Israel’s energy ministry, adding that “our people and facilities are safe.”

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