Bloomberg: Egypt Gas Discovery Heats Up Israeli Debate Over Fuel Export

The discovery of a major Egyptian natural gas field is stoking the political debate in Israel over how to best utilize its own energy resources.

Italian energy company Eni SpA announced Sunday it had discovered the largest gas field ever found in the Mediterranean Sea, off Egypt’s coast. The Zohr Prospect is estimated to hold 30 trillion cubic feet of gas, roughly equivalent to the combined amount in Israel’s two large offshore fields, Tamar and Leviathan.

Israeli Energy Minister Yuval Steinitz cited the Egyptian gas find to criticize opponents of a government plan designed to resolve regulatory disputes over the nation’s gas fields and promote fuel exports. Critics of the planned regulation say it allows energy companies to charge Israeli consumers too much by damping competition; some object to planned exports.

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