Jerusalem (Reuters) – Israel’s Ratio Energies (RATIp.TA) reported on Wednesday a drop in third-quarter profit and said production at the huge offshore Leviathan field has been consistent, despite disruptions elsewhere during Israel’s war with Hamas in Gaza.
Shortly after the war erupted on Oct. 7, production at another Israeli field, Tamar, was halted and gas exports to Egypt through the regular EMG pipeline were suspended.
As a result, Ratio said, “the amount of gas produced by the Leviathan reservoir and directed to the local market increased significantly, ensuring a steady supply to the local industry, alongside regular gas flow to Jordan and a reduction in the quantities sold to Egypt.”
“The Leviathan reservoir continued to produce gas consistently throughout this period, and the partnership has not experienced any adverse impact on revenue and profitability so far,” it said.
The gas market has since “resumed regular operations” with activity restarting at Tamar and the EMG pipeline, it said.
Quarterly revenue fell to $94.6 million from $105.9 million last year, while net profit for the period slipped to $33.8 million from $44.4 million.
“The Israeli energy sector has demonstrated its resilience and inherent surplus at this time,” said CEO Yigal Landau.