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Israel Gas Partners to Change Egypt Deal to Avert Supply Halt

  • Noble and Delek work on changes to contract to supply Egypt
  • Gas flows in $15 billion deal are scheduled to start next year
Leviathan natural gas field in the Mediterranean Sea off the coast of Haifa.

Leviathan natural gas field in the Mediterranean Sea off the coast of Haifa.

Photographer: Marc Israel Sellem/AFP via Getty Images 

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Parties to a $15 billion deal to export Israeli natural gas to Egypt are seeking to change the landmark agreement to enable supplies to increase gradually and thereby reduce the risk of disruptions. Shares of Israeli gas firms rose.

Companies developing Israel’s two biggest gas finds, led by Noble Energy Inc. and Delek Drilling LP, are working on modifying their contract with Egypt’s Dolphinus Holdings Ltd. so that they can reach peak supply in two years, Delek Chief Executive Officer Yossi Abu said Wednesday on a call with investors.