Israel resumes exploration of gas fields amid growing demand in Europe after Russia's invasion of Ukraine

Israel intends to hold a new tender for the issuance of licenses for exploration of natural gas fields in its own economic waters, according to Bloomberg, citing statements by representatives of the Ministry of Energy. This is due to the fact that the demand for natural gas in Europe is growing, as the region seeks to reduce its dependence on Russian gas after the Russian invasion of Ukraine in late February 2022.

The decision to hold a new tender is a reversal of the ministry's intention not to issue new licenses this year in favor of switching to renewable energy sources. Explaining the change of position, the ministry noted that geopolitical events in the world have changed the state of the market.

"Israel is mobilizing forces to help Europe diversify its energy sources," said Israeli Energy Minister Karin Elharrar. "The global energy crisis is an opportunity for Israel to export natural gas, as well as a genuine and genuine concern about what is happening in Europe."