Israel is significantly increasing the amount of natural gas it plans to export to Egypt under a landmark deal, Israeli energy companies announced on Wednesday, October 2.
Partners in Israel’s Leviathan and Tamar offshore gas fields agreed last year to sell US$15 billion worth of gas to a customer in Egypt in what Israeli officials called the most significant deal to emerge since the neighbors made peace in 1979.
The amended agreement sees a 34% increase in exports to about 85 billion cubic meters (bcm). One source in the Israeli energy industry estimated the value of gas was now US$19.5 billion – US$14 billion coming from Leviathan and US$5.5 billion from Tamar.
Texas-based Noble Energy, Israel’s Delek Drilling, and Ratio Oil own Leviathan. Noble, Delek Drilling, Isramco, and Tamar Petroleum are leading partners in the Tamar field.
In a joint statement, the Israeli companies announced the amount to be sold from the Leviathan field will nearly double to 60 bcm of gas over 15 years. Exports from the nearby Tamar field will be reduced to 25.3 bcm from 32 bcm over the same period.
Full Content: Reuters
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