One of the biggest challenges for Europe in its opposition to the Russian invasion of Ukraine is Europe’s dependence on Russian oil and gas.
Israel’s gas fields are now being seen as a potential alternative to Russian energy resources. To jump start this project, the German Economy Minister is in Israel for discussions.
Israel already exports limited gas to Egypt and Jordan, but is looking for ways to expand. The long term strategy is through the completion of the East Med Pipeline that will run from Israel through Cypress and Crete and then reach mainland Europe.
The challenge is the East Med Pipeline will not be finished until 2027. Given this, Europe and Israel must find ways to establish a nearer term ability to reach Europe. One of those is building a floating liquefaction plant to transport the gas. However there are financial challenges to this as well.
While the near term does not seem possible, Israel’s gas fields appear to hold the key to Europe’s future.