Israel's gas royalties up 9.3% in 2018

Offshore Israeli gas rig Photo: IDF Spokesman

Natural gas royalties totaled NIS 860 million and are projected to exceed NIS 1 billion in 2019 as the Leviathan field comes on stream.

Fees and royalties from natural gas, oil, and minerals totaled NIS 878 million in 2018, 9.3% more than in 2017, when they totaled NIS 803 million, the Ministry of National Infrastructure, Energy, and Water Resources reported today.

Most of the revenue came from royalties on natural gas and oil, which totaled NIS 860 million in 2018, including NIS 858 million in royalties from the Tamar gas reservoir, from which over 10 billion cubic meters of gas and 477,000 barrels of condensate were produced. NIS 2 million more came from the Meged license. In addition to royalties on natural gas and oil, royalties on minerals totaled NIS 12 million and fees totaled NIS 6 million.

The Ministry of National Infrastructure, Energy, and Water Resources projects a substantial rise in revenue from royalties in 2019 to a new record of over NIS 1 billion as a result of the beginning of production from the Leviathan reservoir late in the year.

Published by Globes, Israel business news - en.globes.co.il - on February 19, 2019

© Copyright of Globes Publisher Itonut (1983) Ltd. 2019

Offshore Israeli gas rig Photo: IDF Spokesman
Offshore Israeli gas rig Photo: IDF Spokesman
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