Israel has approved the export of more natural gas, with its partners operating in the huge Leviathan gas field planning to invest up to $500m to expand production.

The Middle East nation, currently involved in bitter fighting in Gaza, is looking to boost its economy and energy security by doubling the amount of natural gas available for export.

Energy Minister Eli Cohen, as reported by Reuters, said increasing the exports would strengthen diplomatic ties with nations in the region, primarily Egypt and Jordan, and give the country an economic windfall.

The Energy Ministry on Wednesday approved the export of an additional 118 billion cubic metres (bcm) of natural gas from the east Mediterranean reserves. This is far in excess of the 105bcm previously approved.

Companies wishing to export more will need new export licences for specific amounts.

The Leviathan partners – which include operator Chevron and Israeli companies NewMed Energy and Ratio Energies – will also invest $500m to expand the huge gas project, a figure previously reported by Reuters.

According to Offshore Technology’s parent company, GlobalData, the Leviathan gas field lies in 1,645m of water in the Levantine Basin, approximately 130km west of Haifa, Israel.

The gas field is estimated to hold proven and probable gas reserves of 16.27 trillion cubic feet and condensate reserves of 35.8m barrels.

Ratio chief executive Yigal Landau said the demand for “natural gas in Israel and regional markets is rising and as such we are preparing to expand production at the Leviathan project”.

NewMed said the gas field currently produces 12bcm a year, gradually rising to 21bcm a year.

Israel exported 8.6bcm of gas to Egypt in 2023, up 39% on the previous year, and supplied 2.9bcm to Jordan in the same year.