The New Med Energy Partnership has signed a large-scale natural gas export agreement with Egypt, which includes the supply of gas in the amount of approximately 130 BCM (130 billion cubic meters) - until 2040.
The deal, which will be carried out in two stages, is expected to generate revenues of approximately $35 billion for the owners of the rights to the Leviathan reservoir - NewMed Energy, Chevron and Ratio Energies.
In the first phase, which will begin within the next year, Egypt will be supplied with approximately 20 BCM of natural gas. Upon completion of the Leviathan platform expansion project, another phase will begin, which will include the supply of up to an additional 110 BCM.
The new agreement is an expansion of a previous export agreement between the countries, which was signed in 2019, and included a volume of approximately 60 BCM.
The deal is expected to contribute to the expansion of the liquefaction facility in Egypt and to strengthen the transmission capabilities of natural gas from Israel, while creating a long-term infrastructure until 2064.
According to the updated reports of the Leviathan project, the current gas reservoir includes approximately 600 BCM of natural gas, which allows for large-scale supply.
New Med Energy CEO Yossi Abu: "The deal we signed today changes the rules of the game for the regional energy market, and once again consists of a combination of a tool for changing strategic reality.".
Following the report of the deal, NewMed Energy's stock is soaring on the Tel Aviv Stock Exchange.
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