ISRAEL RETHINKS ITS CAP

On gas exports. After deciding two years ago to limit Israel’s gas exports to 40 percent of all reserves — sparking anger from companies developing the resources — Prime Minister Benjamin Netanyahu is now working to ease the ceiling, Haaretz reports, criticizing the move. Under that 2013 agreement, the energy ministry recommended that the cap on exports from the offshore Tamar gas field be set at 20 percent. But now, Netanyahu wants to ensure the U.S.’s Noble Energy and Israel’s Delek are able to sell Tamar gas to an LNG plant in Egypt, to then be exported by ship. The LNG plant, operated by Spain’s Union Fenosa and Italy’s Eni, is in need of new gas supplies as its own Egyptian reserves have run out as gas has been diverted to the growing domestic market. Noble and Delek signed an initial agreement with Union Fenosa in 2014, agreeing to supply 67.5 billion cubic meters, or 24 percent of Tamar’s reserves, over 15 years for around $15 billion. Haaretz says raising the limit threatens Israel’s energy security. Here’s more: http://bit.ly/1VloVL1