WATCH: Netanyahu announces $15B natural gas deal sold to Egypt

Gas operators Delek and Noble of Israel’s Tamar and Leviathan natural gas fields will supply Egypt with seven billion cubic meters of gas annually, in a deal worth an estimated $15 billion.

By MAX SCHINDLER

 

The operators of Israel’s Tamar and Leviathan natural gas fields have signed decade-long contracts to sell $15 billion worth of natural gas to Egypt, according to a statement from Delek Drilling on Monday.

Israel announces new agreement to export natural gas to Egypt, February 19, 2018./GPO – TRANSLATION: “I welcome the historic agreement now published on the export of Israeli gas to Egypt. This will bring billions into the coffers of the state, in favor of the education, health and welfare of Israeli citizens. A good day!”

Gas operators ‘Delek Drilling’ and ‘Noble Energy’ announced on Monday that it has signed two agreements with Egyptian Company ‘Dolphin Energy’ worth an estimated $15 billion.

Delek and Noble will supply Egypt with seven billion cubic meters of gas annually. Half of the gas will come from Tamar reservoir – already up and running – and half will come from Leviathan – currently under development, with plans to being operations next year.

To transfer the gas, the companies are looking at various pipelines, including the East Mediterranean Gas pipeline – which runs parallel to the Gazan shore – and the Pan Arabian pipeline via Jordan. Delek and Noble plan on negotiating with EMG for use of that pipeline.

Some 64 billion cubic meters of gas in total could be exported.

That comes in addition to agreements signed in 2016 to supply neighboring Jordan with gas the Leviathan field, in a contract with the Jordanian utility NEPCO.

 

View original The Jerusalem Post publication at:
http://www.jpost.com/Israel-News/Israeli-gas-company-will-export-gas-worth-15-billion-to-Egypt-543025

Leave a comment

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.