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Mubadala Investment Corporation, a sovereign wealth fund of Abu Dhabi, invested $1 billion in the Tamar natural gas field

Israel to Launch Fourth Natural Gas Exploration

Israel will begin the process of launching a fourth exploration for natural gas in its territorial waters, Energy Minister Karin Elharrar said on Monday, May 30. The decision came due to the growing need for gas in Europe as it attempts to curb its dependence on Russia's natural gas, as part of sanctions slapped on Moscow by the West over its invasion of Ukraine.

The decision came despite Elharrar's plan to halt all searches for natural gases during 2022 in order to focus on renewable energies, which she announced on December 15.

"The State of Israel is pitching in and helping Europe diversify its energy sources," she said at a press conference on Monday. "The global energy crisis provides an opportunity for the State of Israel to export natural gas, along with the honest and real concern for what is going on in Europe.

"The Energy Ministry under my leadership is acting to ensure Israel's energy security, the diversity of our energy sources and investment in renewable energies, and the Israeli economy's gas reserves for the coming decades," Elharrar said.

"It's important to stress that we and the Europeans are in agreement that the most important strategic move in order to overcome the crisis is to accelerate the development of renewable energies," Energy Ministry Director-General Lior Shilat said.

Israel has begun to hold talks with international partners, especially in Europe, the US, and Egypt, in order to understand their strategy in handling the crisis. (JPost / VFI News)