Israel-Egypt $15 Billion Deal Boosts Energy Hub Prospects

Ties between neighbors broaden from security to economics
Eastern Mediterranean could contain additional huge reserves

Tamar, seen here, and Leviathan are among the biggest natural gas finds in recent years and have provided Israel with enough fuel for decades of energy self-sufficiency and export.Source: Handout

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By David Wainer and Yaacov Benmeleh

February 20, 2018 at 3:08 PM UTC

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A $15 billion deal to export Israeli gas to Egypt is moving forward after months of talks, bringing the Jewish state a step closer to becoming an energy exporter to the most populous Arab country.

Noble Energy Inc. and Delek Drilling-LP said they plan to supply around 64 billion cubic meters of natural gas over 10 years to Egypt’s Dolphinus Holdings Ltd. from Israel’s Tamar and Leviathan reservoirs. Shares of Israeli gas companies soared the most in nine years on Monday. The deal needs regulatory and governmental approvals in Egypt and Israel.