Partners in Israel’s Leviathan offshore gas field say they have signed a $35 billion deal to supply energy to Egypt until 2040, in the largest export deal in the country’s history.
Israel’s NewMed Energy, formerly Delek Drilling (part of Yitzhak Tshuva’s Delek Group), which owns a 45.3 percent stake in Leviathan, off Israel’s Mediterranean coast, says the partners will sell a total of about 130 bcm (billion cubic meters) of natural gas to Egypt until 2040, or until all of the contract quantities are fulfilled.
Natural gas from Leviathan, one of the world’s largest deep-water gas discoveries, started to flow to the Israeli domestic market in December 2019. The Leviathan reservoir began exporting natural gas to Egypt in January 2020.
“The deal should pave the way for the expansion of Leviathan and ensure the supply of natural gas to the Israeli market until 2064,” NewMed says.
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