Transformation in Israel’s Natural Gas Sector And the Great Potential for Middle East
Since October 2020 there is a new actor in Israel’s maritime space and energy sector after the Chevron Corporation acquired Noble Energy. This article examines the key developments of the first year of Chevron in Israel under the headings: financial aspects, regional politics, the UAE and the Abraham Accords, the EastMed natural gas pipeline, security aspects, Chevron and local companies and scandals and environmental aspects. The analysis determines the historical significances and projects ways forward for a win-win outcome for Chevron and Israel. Chevron has the ability to make the EastMed pipeline happen, and that may also have positive ramifications for regional politics. Israel as a regulator will not permit Chevron to gain a larger stake of the gas fields, or even increase prices for the energy it sells to IEC (and eventually the consumers). Israel will aim to ensure that Chevron will not cut corners that could result in labor issues, health, safety and environmental issues. The Israeli Navy has procured four new warships to meet the gas fields’ direct security needs, permitting a Brown Water doctrine shift while enabling enhanced power projection capability.