Despite lower prices, Israel's gas royalties up 17% in H1 2021

Leviathan rig Photo: Albatross

Fees and royalties to the state from natural gas, oil, and minerals totaled NIS 561 million in the first half of 2021, the Ministry of Energy reports.

Fees and royalties to the state from Israel's natural gas, oil, and minerals totaled NIS 561 million in the first half of 2021, up 17% from the corresponding period of 2020, the Ministry of Energy reports.

Most of the revenues came from royalties on natural gas, which totaled 554 million in the first half of 2021, when 8.9 billion cubic meters (BCM) was produced, compared with 6.5 BCM in the first six months of 2020. 5.5 BCM was sold to the domestic market and 3.4 BCM was exported.

5.5 BCM was produced from the Leviathan field in the first half of 2021, up 59.5% from the first half of 2020 and 3.4 BCM was produced from the Tamar field in the first half of 2021, down 20.5% from the first half of 2020. The average price of gas in the first half of 2021 was 11% lower in dollar terms and 17% lower in shekel terms than in the first half of 2020.

The Ministry of Energy expects fees and royalties to the state from Israel's natural gas, oil, and minerals to rise to NIS 590 million in the second half of 2021.

Published by Globes, Israel business news - en.globes.co.il - on August 29, 2021

Copyright of Globes Publisher Itonut (1983) Ltd. 2021

Leviathan rig Photo: Albatross
Leviathan rig Photo: Albatross
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