Ammon News - AMMONNEWS - Israel's burgeoning gas-trade ties with Arab countries could prove the catalyzer for a peaceful Middle East, a US official opined.

“We have a remarkable situation where the self-interest of each of the parties is remarkably similar in the energy sphere,” Amos Hochstein, the US State Department's special envoy to the Middle East for international energy affairs, told Bloomberg.

Delek Group and Noble Energy, the chief partners in Israel's Leviathan and Tamar offshore gas fields, reached trade deals with Jordan and Egypt in September and October respectively. The deal with Jordan amounts to an annual $1 billion; the deal with Egypt to an annual $500 to $700 million.

“Energy won’t be a leader of the political process, but it can be a key incentive to move the geopolitical positions in a more positive direction,” the official further added.

“There are a number of stumbling blocks on the way to a commercial deal, but I also see a lot of interest,” Hochstein said.

Earlier this week, a seismic survey of a new natural gas field off Israel's Mediterranean coast indicated it may hold between 1.9 and 5 trillion cubic feet of gas, according to a statement made by the two companies controlling it, Ratio Oil and Israel Opportunity Energy Resources.

The Royee field, located about 150 kilometers offshore, could therefore be the third-largest in Israeli waters and fourth-largest in the Mediterranean basin.

*I24