Deal would allow Israeli gas to be shipped to EU, as bloc seeks to bolster its supply following sanctions on Russian gas.Western leaders are preparing for the possibility that Russian natural gas flows through the key Nord Stream pipeline may never return to full levels. WSJ’s Shelby Holliday explains what an energy crisis could look like in Europe, and how it might ripple through the world.
Israel and Lebanon are close to striking a U.S.-brokered deal on maritime borders that would allow Israel to export gas to Europe and mark a rare instance of economic cooperation between the neighboring countries.
The current draft of the deal gives Israel full control of the disputed Karish gas field in the Mediterranean Sea, according to Israeli and Lebanese officials. The Qana gas field farther north would be in Lebanon’s control, but Israel would maintain a stake in the gas located in its territory, the officials said.
Both countries have signaled that they will accept the draft agreement delivered to them last week after some final negotiations and due diligence.Illustration by: David Fang
