Israeli PM sign gas contract worth $15bn with Egypt

Refinery facilities
Refinery facilities

Israeli Prime minister has announced an historic sales of natural gas contract worth billions of dollars to Egypt.

The Prime Minister who made the announcement on Monday, said the deal with Egypt, which in 1979 became the first Arab nation to sign a peace treaty with Israel.

“This will bring billions of dollars to the country,” he said in a statement.

Meanwhile, the Israeli energy group, Delek, who commended the effort said, the value of the contract was $15 billion.

It also said that agreements have been signed between the group and it’s associate Noble Energy of the United States to supply gas of 64 billion metres (2.26 trillion cubic feet) from Israel’s Leviathan and Tamar offshore fields to an Egyptian firm, Dolphinus over a period of 10-years.

In September 2016, Jordan attained a deal to buy 300 million feet (8.5 million cubic metres) of Israeli gas per day over 15-year period, in a deal estimated to worth $10 billion.

However, Tamar which began production in 2013, has estimated reserves of about 238 billion cubic metres (8.4 trillion cubic feet).

In 2010, Leviathan discovered and set to begin production in 2019, as it is estimated to reserved natural gas of 18.9 trillion cubic feet (535 billion cubic metres), along with 34.1 million barrels of condensate.

Israel hopes it’s gas reserves will enable the country gain energy independence and the prospect of becoming a supplier to European countries, as well as getting strategic ties within the region.


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