Israel Signs $35 Billion Gas Export Deal with Egypt

Israeli gas field Leviathan has signed a landmark agreement worth up to $35 billion to supply natural gas to Egypt, marking the largest export deal in Israel’s history, according to NewMed Energy, one of the field’s key partners.اضافة اعلان

Located off Israel’s Mediterranean coast, the Leviathan field holds estimated reserves of around 600 billion cubic meters. Under the new agreement, Leviathan will supply approximately 130 billion cubic meters of gas to Egypt by 2040 or until the contracted quantity is fulfilled.

Leviathan began supplying gas to Egypt shortly after production commenced in 2020. An initial contract signed in 2019 secured the export of 60 billion cubic meters, expected to be fully delivered by the early 2030s.

NewMed added that the field has already delivered 23.5 billion cubic meters to Egypt since 2020.

— Agencies