NewMed Energy, an Israeli firm, has signed its largest-ever export deal, agreeing to supply Egypt with 130 billion cubic meters (bcm) of gas from the Leviathan field. The deal, valued at $35 billion, is set to deepen energy ties between the two countries, even as public opinion in Egypt remains largely opposed to normalization with Israel. The Leviathan field, located off Israel’s Mediterranean coast, holds an estimated 600 bcm of reserves.
The agreement will be implemented in two phases. The initial phase, starting in early 2026, will see the export of 20 bcm of gas. The remaining 110 bcm will be delivered after the Leviathan field is expanded and a new pipeline is constructed. According to NewMed’s CEO, this deal is the “most strategically important export deal to ever occur in the eastern Mediterranean” and solidifies Egypt’s role as a key energy hub in the region. The expansion of the Leviathan field is expected to guarantee a stable gas supply for Israel and its regional partners until 2064.
This landmark agreement not only underscores the growing economic cooperation between Israel and Egypt but also highlights the strategic importance of the Eastern Mediterranean’s gas reserves on a global scale.
Sources:
Financial Times: Israel and Egypt sign a historic gas export deal
Al Jazeera: Egypt to become key regional energy hub with Israeli gas deal
