Daijiworld Media Network –Tel Aviv

Tel Aviv, Jul 1: In a significant revision driven by optimistic production and pricing trends, the Israel Tax Authority has raised its forecast for oil and gas profit levy collections to a range of USD 57–74 billion, up by USD 2 billion from its previous projection of USD 55–72 billion.

The upward revision reflects a dual boost—a forecasted increase in the quantity of natural gas within Israel’s three active reservoirs and an expected rise in global gas prices in the coming years, according to a statement released by the Tax Authority on Monday.

Israel’s offshore gas fields, including Tamar, Leviathan, and Karish, have played a pivotal role in strengthening the country’s energy independence and economic outlook. The revised projections underscore the long-term financial gains expected from the energy sector as global demand for cleaner fossil fuels like natural gas continues to grow.

The increased revenue from these levies is expected to bolster Israel’s sovereign wealth fund, known as the Israel Citizens' Fund, which channels profits from natural resources into national development and future investments.