Israel exporting oil for the first time in its history
Israel started to export oil for the first time in its history, as it sent a shipment of production from the Karish offshore field of the Energean Company to Europe.
Bloomberg News noted that while Israel has been exporting natural gas for years, it hasn’t produced large amounts of crude oil before.
The Karish field in the eastern Mediterranean has been producing gas since last year.
The London-based Energean Company said that the first shipment of Israeli crude oil came out of the company’s Karish field, as it was sold as part of a contract with the Dutch company Vitol to export several shipments of Israeli oil.
Oil extraction from the field located near the Lebanese-Israeli maritime border became possible after the United States succeeded in reaching an agreement to demarcate the maritime borders between Israel and Lebanon last October.
At the same time, the Karish field contributed to boosting the natural gas sector in Israel, which has transformed from an energy importer into a gas exporter in recent years.
Energean said that Israel will remain a net importer of oil despite the start of crude exports, as Energean’s focus will remain on extracting natural gas in Israel, despite the strong demand for light crude oil that can be produced in reasonable quantities.