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March 2, 2015 2:47 pm

Israel’s Natural Gas Royalties Hit Record High

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A gas rig off Israel's coast. Israel's state royalties reached a record-high $180 million in 2014. Photo: YouTube screenshot. – Israel’s state royalties from natural gas exploration, drilling, and harvesting reached a record-high $180 million in 2014, an increase of 39 percent from 2013, the country’s National Infrastructure, Energy, and Water Ministry said in a statement Sunday.

According to the statement, the ministry collected $106 million in royalties from the companies operating the Tamar offshore gas field in the second half of 2014 alone. The bulk of the royalties derived from fees related to natural gas, while some $2.25 million came from fees related to oil explorations. Minerals and phosphate mining-related fees amounted to $2.75 million, and various other royalties yielded $1.5 million in revenue.

“The increase in royalties paid for natural gas, oil, and natural resources is a blessing for the Israeli economy, and it helps reduce the high cost of living,” Israeli National Infrastructure, Energy, and Water Minister Silvan Shalom (Likud) said.

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