Israel Shuts Down Natural Gas Fields as Iran Attack Unfolds

Article content(Bloomberg) — Israel ordered the temporary shutdown of some natural gas fields after launching an attack on Iran in a joint operation with the US.Sign In or Create an AccountEmail AddressContinueor View more offersArticle contentThe halt is a security measure, the Energy Ministry said in a statement, without specifying the fields affected. Energean Plc, the operator of the Karish deposit, said it had been instructed to suspend production.Article contentWe apologize, but this video has failed to load.Try refreshing your browser, ortap here to see other videos from our team.Article contentThe move is a repeat of steps taken last year when Iran previously came under Israeli attack, and retaliated. Back in June, Israel shut its biggest gas field — Leviathan — as well as Karish, cutting off supplies to import-dependent Egypt.Article contentArticle contentWhile Energean supplies gas to the domestic market only, Israel’s other two fields — Leviathan and Tamar — also export the fuel. Chevron Corp., which operates both, declined to comment on any shutdowns on Saturday.Article contentTop StoriesGet the latest headlines, breaking news and columns.There was an error, please provide a valid email address.Sign UpBy signing up you consent to receive the above newsletter from Postmedia Network Inc.Thanks for signing up!A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againInterested in more newsletters? Browse here.Article contentThe US-Israeli attacks, and Tehran’s retaliation against American military bases in several countries, raise the risk of a wider war in a region that’s key to global energy supplies.Article contentLeviathan is contracted to send about 4.5 billion cubic meters a year to Egypt, and Cairo’s dependence is set to rise following a $35 billion deal struck last year, which would see 130 billion cubic meters sent from 2026 to 2040.Article contentEgypt became a net gas importer in 2024 and has since bought up large volumes of liquefied natural gas, striking agreements for supplies out to 2028.Article contentIncreased Israeli flows would mean Cairo may be able to import less LNG in the future. Leviathan’s gas is cheaper, yet the interruption of production — both last summer and now — highlights the vulnerability of that route.Article contentThe disruption in June forced the Egyptian government to halt supplies to some industries, including fertilizer producers.Article contentTrending Explosions in Dubai and Abu Dhabi jolt Mideast financial hubs PMN Business Canada's housing market suffers largest price decline among major economies, says BIS Real Estate Philip Cross: Weak business investment frustrates Carney's plan FP Comment This TSX top performer surged 18% this week with a potentially powerful 'catalyst' waiting in the wings, says TD analyst Investor The (high) opportunity cost of paying off your mortgage early Mortgages Share this article in your social networkCommentsYou must be logged in to join the discussion or read more comments.Create an AccountSign in Join the Conversation Postmedia is committed to maintaining a lively but civil forum for discussion. Please keep comments relevant and respectful. Comments may take up to an hour to appear on the site. You will receive an email if there is a reply to your comment, an update to a thread you follow or if a user you follow comments. Visit our Community Guidelines for more information. Explosions in Dubai and Abu Dhabi jolt Mideast financial hubs PMN Business Canada's housing market suffers largest price decline among major economies, says BIS Real Estate Philip Cross: Weak business investment frustrates Carney's plan FP Comment This TSX top performer surged 18% this week with a potentially powerful 'catalyst' waiting in the wings, says TD analyst Investor The (high) opportunity cost of paying off your mortgage early Mortgages