This summer, news broke that Egypt had signed an unprecedented $35 billion gas agreement with Israel. The announcement was made on August 7 by Israeli company NewMed Energy (formerly known as Delek Drilling), which owns a 45.3% stake in the Leviathan gas field.
The new agreement involves the export of 130 billion cubic meters of natural gas to Egypt by 2040 or until all contracted volumes are fulfilled. The contract marks the largest energy deal ever signed between the two countries and represents the biggest export transaction in Israel’s history. It is expected to expand the existing export agreement by 60 billion cubic meters. The gas will be sourced from the Leviathan field, which holds approximately 600 billion cubic meters of natural gas.
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