Arab Finance: New Meed, one of the partners in the Israeli natural gas field, announced that the field signed a deal worth 35 billion dollars to provide Egypt with natural gas, the largest export deal for Israel ever.
The Leviathan field, located in the Mediterranean Sea off the coast of Israel and its reserves are about 600 billion cubic meters, intends to sell about 130 billion cubic meters of gas to Egypt until 2040 or until all the quantities stipulated in the contract are met.
According to the new agreement, the field will export 130 billion cubic meters of Israeli gas to Egypt until 2040, or even the completion of the agreed quantities, whichever is closer.
The Leviathan field began the supply of gas to Egypt after the start of production in 2020, based on an agreement signed in 2019 to export 60 billion cubic meters of gas, a quantity of being expected to be delivered by the early thirties, and New Meed Energy – one of the partners in the Levaithian field – indicated that 23.5 billion cubic meters of gas has been supplied to Egypt from 2020 until today.
Upon completion of the Leviathan field expansion project, another stage will begin to include the supply of up to 110 billion cubic meters, after the establishment of a new transport pipeline from Israel to Egypt and currently conducting work to expand the Leviathan field from 1.2 billion feet cubed per day to 1.4 billion feet cubed per day, amid plans to increase production to 2.35 billion feet cubed per day, by extending a line of flow Fourth.
“The agreement that we signed today changes the rules of the game in the regional energy market, and once again it is a mixture of a tool to change the strategic reality,” said Yossi Abu said: “The agreement – which our strong regional partnerships available – will provide more regional export opportunities, which proves again that the broader natural gas and the broader energy industry can be a pillar For cooperation.
Egypt’s production of natural gas is currently about 4.2 billion cubic feet per day, while the local demand is about 6.2 billion cubic feet per day, and usually rises to 7 billion cubic feet per day during the summer months, with the increasing demand for electricity, especially for cooling.
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