Matt Hoisch
The Israeli government has approved the previously-announced $35 billion agreement to expand gas exports from the country's Leviathan offshore gas field to Egypt, Prime Minister Benjamin Netanyahu said late Dec. 17, in what he described as "the largest gas deal in Israel's history."
"This deal greatly strengthens Israel's status as a regional energy power and contributes to stability in our region," he said while addressing the country. "It encourages other companies to invest in gas exploration in Israel's economic waters."
The agreement will see some 130 Bcm of gas flow to existing Leviathan offtaker Blue Ocean Energy to 2040 "or until all contract quantities are fulfilled," according to statements from NewMed Energy, one of the partners in the Leviathan field.
It will replace an existing export agreement due to end in the early 2030s.
