JERUSALEM, Aug. 2 (Xinhua) -- Israel experienced a 40-percent increase in natural gas reserves in the past decade, said the latest report by the country's prominent economic consulting firm BDO.
In 2012, the Israeli economy had at its disposal some 780 billion cubic meters (BCM) of natural gas, while in 2022 the volume rose to 1,087 BCM, according to the Tuesday report published on the 10th anniversary of the production of natural gas from the Tamar Reservoir.
The reservoir, which marked the beginning of the era of massive use of natural gas in Israel, is located some 90 km west of the Mediterranean city of Haifa and covers an area of 100 square km with layers reaching up to 300 meters in thickness.
By analysing public data released over the years by the Ministry of Energy, the Ministry of Environmental Protection and other entities, the report demonstrates a decade of Israel's natural gas economy, points out the influence of natural gas on Israel's geopolitical situation, and gives a forecast about the revenue.
Over the past decade, the Israeli economy saved an enormous sum of over 316 billion new shekels (86 billion U.S. dollars) over the past decade, because the availability of local natural gas saved energy costs and money spent on treating air pollution and greenhouse gas, said the report.
According to the report, Israel currently ranks third among the Organization for Economic Cooperation and Development (OECD) member countries in natural gas reserves per capita, twice as many as Canada and nearly three times the United States.
Over the past decade, the natural gas generated funds of more than 19 billion new shekels for the state treasury, 14 times the amount in the previous decade. By 2030, an additional 70 billion new shekels will go to the state treasury. By 2050, the amount is expected to rise to over 300 billion new shekels, the report noted.
After the surge in natural gas use, electricity prices in Israel have fallen by about 11 percent over the past decade, said the report, noting that in the second half of 2022, the consumer price of electricity in Israel was about half of the average price in the European Union countries.
Natural gas has also contributed to Israel's environmental protection over the past decade, which registered a 32-percent reduction in the intensity of carbon dioxide (CO2) emissions from electricity production, saving a pollution cost of about 23.9 billion new shekels. The intensities of nitrogen oxide (NOx) and sulfur dioxide (SO2) emissions also decreased by about 76 percent and 85 percent respectively during the 10 years.
"Over the past decade, the natural gas industry has been a significant growth engine for the Israeli economy and led to its resilience in the face of a worldwide energy crisis," the report quoted Amir Foster, executive director of the Israel Natural Gas Association, as saying.
"The next phase in developing the Israeli energy sector, which will ensure energy security for decades, will be created through the continued development of local production capabilities and export infrastructure, enabling Israel to become an important international energy supplier," he added. ■
