An article yesterday in BloombergBusinessweek outlined Israeli expectations that the recently discovered Tamar and Leviathan natural gas fields will pay off politically as well as economically.

“There are now extraordinary opportunities for Israel based on energy policy, both economically and diplomatically,” said Israeli Foreign Ministry spokesman Emmanuel Nachshon. “This is a real game-changer of common interests and benefits for many actors in the region. It could also bring about better relations with Turkey, and with other regional actors with whom Israel is not yet in close contact.”
Israel’s chance to be a regional energy power comes from two mammoth fields under the Mediterranean Sea, holding more gas than the country could consume in decades. In addition to building ties with neighbors that have often been antagonistic since the state was founded in 1948, gas exports will be a fillip for Israel’s economy, improving the balance of trade and boosting economic growth by as much as a percentage point.

The article also quoted Israeli Energy Minister Silvan Shalom saying that the newly found gas “is a huge strategic advantage that allows us to enjoy both political and economic fruits..”

In addition to natural gas deals recently concluded with Jordan and the Palestinian Authority, the article reports that Israel is likely to conclude one with Egypt by the end of the year. Today’s news that terrorists once again sabotaged Egypt’s natural gas pipeline to Jordan highlighted the importance of these deals to Israel’s neighbors.

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