A potential Turkey-Israel gas pipeline is being studied as an energy source for the European market seeking an alternative to Russian sourcing, although political difficulties would need to be addressed prior to construction.
What Happened: The pipeline would connect Israel’s Leviathan offshore natural gas field through a subsea pipeline to Turkey, where the fuel would flow into southern Europe, according to a report in the Israeli news outlet Ynet citing unnamed “government and industry officials in both countries.”
The Leviathan field supplies Israel, Jordan and Egypt and its co-owners —Chevron Corporation (NYSE:CVX) and the Israeli companies NewMed Energy (OTC:DKDRF) and Ratio Oil (OTC:RTEXF) — are seeking to increase its production quantity from 12 to 21 billion cubic meters per year.
Production would need to be ratcheted up considerably if a European market was added to its customer base. The European Union nations imported 155 billion cubic meters of Russian gas last year, which accounted for 40% of its consumption.
Turkish President Recep Tayyip Erdoğan stated that gas cooperation with Israel was "one of the most important steps we can take together for bilateral ties," and told reporters last week that he was ready to send his top ministers to Israel to strategize on the project.
See Also: Disney+ Announces Streaming Premiere Dates For 42 Countries And Territories
What Needs To Happen: According to plans now being floated, the pipeline would run approximately 342 miles and cost up to $469 million to build.
Israeli Energy Minister Karine Elharrar was cautious about the proposal, telling Ynet, "It needs to be found economically feasible, which is not something self-evident," she said.
Also, any subsea line from the Leviathan oil field to Turkey would require crossing through the territorial waters of either Cyprus, which does not have diplomatic relations with Turkey, or Syria, which has no diplomatic ties with both Israel and Turkey.
Photo: Guilherme Reis/Pixabay.
