Israel approves $35 bil Egypt gas export deal - S&P Global

December 18, 2025
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.

Israel, Cyprus and Greece mull energy pacts - and yoghurt - REUTERS

September 4, 202310:37 PM GMT+8
Michele Kambas

NICOSIA, Sept 4 (Reuters) - The leaders of Israel, Greece and Cyprus on Monday pledged to deepen energy cooperation and explore ways to get East Mediterranean gas to Europe, as well as connect electricity grids.

The eastern Mediterranean has yielded major gas discoveries in the past decade, mostly off Israel and Egypt, with interest rising since Russia's invasion of Ukraine hit flows to Europe.

"We will have to decide soon about how Israel exports its gas and the same decisions have to be made by Cyprus. We are looking at the possibility of cooperating on this," Israeli Prime Minister Benjamin Netanyahu told reporters in Nicosia after a tripartite summit with Greek Prime Minister Kyriakos Mitsotakis and Cyprus' President Nikos Christodoulides.

"Those decisions will be made, I think, in the next three to six months, probably closer to three months," he said.

After deal with Israel, offshore rig arrives in Lebanese waters to drill for gas - THE TIMES OF ISRAEL

16 August 2023, 2:35 pm 5
By AP and TOI STAFF

An offshore drilling rig has arrived at its location in the Mediterranean Sea off Lebanon’s coast and will start operations in the coming weeks to search for gas, Lebanese cabinet ministers said Wednesday.

The rig is expected to begin drilling in September in Lebanese waters near the border with Israel after the two countries reached a deal last year on their maritime border. Lebanon and Israel have formally been at war since Israel’s creation in 1948.

Cash-strapped Lebanon hopes that future gas discoveries will help the small Middle East nation pull itself out of the worst economic and financial crisis in its modern history.

Minister of Transport Ali Hamie wrote on X, the platform formerly known as Twitter, that the rig arrived Wednesday morning at the location where it is scheduled to begin work. The rig faces the southern port city of Tyre.

Electricity cable needs power surge - FINANCIAL MIRROR

16 JULY 2023

With Nicosia hosting the trilateral meeting of heads of state on July 26, Cyprus, Greece, and Israel leaders will meet for the first time – two-re-elected and a newcomer.

Top on their agenda of common challenges will be energy, although cooperation on defence, water and regional conflicts will also be discussed, and relations with Turkey.

As a priority, Prime Minister Benjamin Netanyahu needs help to deal with Israel’s energy deficit, which is expected to hit rock bottom by 2025-2027 due to delays in bringing online new, efficient, and renewables-friendly power stations.

PM Kyriakos Mitsotakis will emphasise that Greece is pushing ahead with its Alexandroupolis energy hub and hopes natural gas flows from the eastern Mediterranean will transform it into a major player, in addition to the solar parks and wind farms mushrooming throughout the country.

Cyprus changes tack with plan for Mediterranean gas link to Israel - REUTERS

June 21, 20235:22 AM GMT+3
Michele Kambas

• Cyprus wants shorter gas pipeline to Israel
• Part of broader project to get EastMed gas to Europe fast
• New Cyprus government talking to Israel on plans
• Longer pipeline through Med 'challenging'

NICOSIA, June 20 (Reuters) - Cyprus hopes to develop plans for a pipeline linking it to Israel's east Mediterranean gas fields during talks which start next month, the island's top energy official told Reuters.

Proposals by the new centrist Cypriot government, which came to power in March, represent a markedly different approach to its predecessors in getting gas to Europe and other markets.

Greece, Cyprus, Israel plan trilateral leaders’ summit - JNS (JEWISH NEWS SYNDICATE)

February 27, 2023 / JNS

Etgar Lefkovits

A summit attended by the leaders of Greece, Cyprus and Israel is planned for later this year, the Israeli Prime Minister’s Office announced Monday.

The gathering will take place amid burgeoning relations between Israel and both Cyprus and Greece over the last decade and a half in a variety of fields including tourism, medicine, cybersecurity, energy and military cooperation.

The decision to organize such a regional meeting was made during a Sunday night phone call between Prime Minister Benjamin Netanyahu and the president-elect of Cyprus, Nikos Christodoulides.

The two men discussed bilateral cooperation in various fields, a readout of the conversation said.

The Cypriot leader, who will assume office on Tuesday, offered condolences over Sunday’s Palestinian terrorist attack in which two Israeli brothers were killed. He is expected to visit Israel soon at the prime minister’s invitation.

Israeli Gas Is Great – for Egypt and Jordan - HAARETZ

Jan 09, 2020 1:34 PM

Eran Azran

Leviathan gas reserve was billed a 'national project'. It's now online but 85% of the gas will go to Egypt, Jordan for a lower price than Israelis pay

The development of Israel’s massive Leviathan offshore gas reserve was presented to the public as a national project, but some 85% of the gas it contains is slated to be sold to Egypt and Jordan – for a lower price than the Israel Electric Corporation is currently paying.

The partners in Leviathan – Israel’s Delek Drilling and Ratio, and the U.S.-based Noble Energy, announced Monday that the extraction infrastructure was complete and that gas sales were set to begin.

The Leviathan reserve was discovered about a decade ago. Preparing the site for extraction cost some $3.6 billion and took nearly three years.

The significance of Israel's natural-gas feat - ISRAEL HAYOM

JANUARY-07-2020 09:13

Alex Traiman

Exports will generate tens of billions of dollars in tax revenues for the government making it just one more successful venture led by the Jewish state’s longest-serving prime minister.
The start of natural-gas flow from the Leviathan rig is a momentous achievement for the State of Israel.

For the first time, a resource-poor country can become an energy superpower. The export of natural gas to immediate neighbors Jordan and Egypt – and later exported via Cyprus and Greece – strengthens Israel’s geopolitical status both in the Middle East as well as the West.

In addition to formal peace alliances and security cooperation, Jordan and Egypt are turning to Israel to provide for their energy needs. In the past, Egypt exported gas to Israel. Israel already supplies Jordan with water. The cooperation is likely to lead further towards normalized ties with other Sunni Gulf states.

Britsh-Greek Company Energean to Join EastMed Pipeline - HAARETZ

Ora Coren
Jan 02, 2020 5:07 AM

The memorandum of understanding will be the first commercial agreement linked to the giant energy project

Energean, the British-Greek company that controls the Israeli Karish and Tanin natural gas fields, will sign a memorandum of understanding Thursday with the Public Gas Corporation of Greece in the first commercial agreement connected with the projected EastMed pipeline.

Greek media reported that the deal to provide Energean gas will be signed shortly before Prime Minister Benjamin Netanyahu and Greek and Cypriot leaders sign an agreement in Athens on Thursday to develop the pipeline.

This will also be a show of force against Turkey, which has effectively agreed with Libya to divide much of the East Mediterranean.

Will Leviathan cut energy prices, increase competition? - GLOBES

23 Dec, 2019 19:30
Amiram Barkat and Yuval Azulai

Gas is about to begin flowing from the huge offshore Israeli gas field, on time and within budget. But will it benefit Israeli consumers?

The Leviathan natural gas field is set to begin streaming gas to the Israeli coast tomorrow, an event that the government and the reservoir's developers are calling historic. Almost six years since the Tamar field was connected, Leviathan will become the second major gas field connected to the Israeli coast. Nine years have passed since the discovery of the gas and the beginning of the supply, compared with only three years for the Tamar field.

Most of the gas that will begin flowing tomorrow is for exports to the Jordan Electric Power Company, and in another month also to private customers in Egypt. Commencing in another week, gas will also flow to the Israel Electric Corporation (IEC). The fact that residents near the coastal terminal will be exposed to potential health damage caused by gas, most of which is for export, is arousing criticism from residents in the Hadera region. However, the flow of gas to Jordan and Egypt has been portrayed by the Netanyahu government as an important geopolitical and political interest. In the name of this interest, Prime Minister Benjamin Netanyahu bypassed the authority of the Israel Antitrust Authority director general at the time, and signed in his place, as Minister of the Economy and Industry (after Aryeh Deri, the previous minister, resigned) an exemption for an agreement in restraint of trade for Noble Energy and Delek Group, for the deal to buy the rights to area where the Leviathan reservoir is located.

Netanyahu's signature on the exemption was part of the general arrangement for the gas production sector, referred to as the gas plan. The plan aroused strong opposition at the time, involving the assertion that the state was perpetuating the monopoly of Delek Group and Noble Energy in the Israeli gas market, and forcing electricity consumers to continue paying the excessive gas price that IEC agreed to pay for the gas it was buying from the Tamar reservoir. Netanyahu stood firm against the protest with unqualified support for the plan devised by the professional staff in his government. In an extraordinary step, Netanyahu appeared before the Knesset Economic Committee and the Supreme Court justices to defend the gas plan. They were not impressed by his appearance, and struck down the all-encompassing stability clause in the original plan.

Completion of Leviathan's development is an appropriate time to assess what the gas plan achieved since it went into effect, and where it has failed.

Cyprus, Greece and Israel to Sign Pipeline Deal in Early January - HAARETZ

Dec 23, 2019 8:11 PM

The leaders of Cyprus, Greece and Israel plan to sign an agreement January 2 for building an undersea pipeline to bring Israeli and Cypriot natural gas to the European market, the Greek prime minister’s office announced Sunday.

The agreement, which will be signed in Athens by Greek Prime Minister Kyriakos Mitsotakis, Cypriot President Nikos Anastasiades and Prime Minister Benjamin Netanyahu, will be largely symbolic – aimed at helping Cyprus and Greece to confront Turkey over maritime rights.

The announcement of the pipeline agreement comes on the heels of an agreement signed last week between Turkey and Libya delineating exclusive economic zones in the Mediterranean Sea that awards Turkey the areas where the projected pipeline is slated to run.

The agreement has elicited protests from eastern Mediterranean countries with gas interests, including Egypt. On Monday, Netanyahu said in a letter to the Greek and Cypriot leaders that the “the gas agreement between Turkey and Libya is not legal – we need to respond and sign the gas pipeline agreement.”

Netanyahu’s cousin bought Greek steel company as PM backed Greece gas deal - THE TIMES OF ISRAEL

24 November 2019, 7:49 pm

Prime Minister Benjamin Netanyahu’s cousin, US businessman Nathan Milikowsky, invested earlier this year in a massive Greek steel conglomerate at the same time the prime minister was advancing a gas pipeline deal with Greece and Cyprus, according to an exclusive report Sunday by The Times of Israel’s Hebrew sister site, Zman Israel.

According to the report, in late June, Milikowsky’s company, Jordan International, bought Hellenic Steel, which for many years was Greece’s second-largest steel company.

The report notes that Hellenic Steel’s factory near Thessaloniki had been out of commission for five years amid Greece’s economic crisis, and only resumed its activity last week, with the new investment.

The report says Jordan International is expected to invest some 100 million euros ($110 million) in the factory, whose output is expected to reach some 350,000 tons’ worth of product per year.

Israeli Energy Exports Won’t Make Europe More Pro-Israel - FOREIGN POLICY

AUGUST 28, 2019, 6:57 AMCHARLES ELLINAS

The natural gas discovered in the Eastern Mediterranean is so expensive to bring to market that it might never reach European consumers, let alone change the policies of EU governments.

Ever since the discovery of the Leviathan gas field off the coast of Haifa, Israel has been dreaming of riches and political influence. A recent Foreign Policy article has taken this to the realms of the unimaginable—arguing that future European dependence on Israeli gas exports could both change the political views of European countries toward Israel and make the EU pro-Israel.

But the article overlooks a more basic question: Can Israeli gas ever make it to Europe or to global markets at a competitive price? With Leviathan about to come onstream, Israel, Noble Energy (as the operator), and its partners are looking for gas sales beyond this first phase of development. As much as 9-10 billion cubic meters per year of gas could be available for export. This is about the same amount as the Southern Gas Corridor pipeline from Azerbaijan to Italy that will be delivering 10 billion cubic meters per year to Europe by 2020.

US-mediated talks between Lebanon and Israel expected to begin in weeks - THE ARAB WEEKELY

Sunday 23/06/2019

Simon Speakman Cordall

TUNIS - Lebanon has agreed to enter US-brokered talks with Israel over a disputed maritime border.

Lebanon has not commented publicly on its participation in such talks; however, Israeli sources indicated that negotiations could begin in July. It is understood that discussions would concern only the maritime border.

Acting US Secretary of State for Near Eastern Affairs David Satterfield has been shuttling between both countries’ capitals for months and is believed to have achieved a breakthrough after meeting with Lebanese Foreign Minister Gebran Bassil in late May.

A statement, carried by Lebanese state media following a recent Satterfield meeting in Lebanon, said the Foreign Ministry confirmed that no major obstacles remained ahead of negotiations but that more trips were required.

“We started putting the final touches on the form of negotiations and the role of the concerned parties, including the United Nations, Lebanon and Israel, as well as the role of the United States,” the statement said.

Israel’s discovery of the Tamar and Leviathan gas fields in 2009 and 2010, respectively, increased the rate of exploration across the eastern Mediterranean, with discoveries later made in Cypriot and Egyptian waters.

Pompeo welcomes trilateral cooperation (Update 2) - CYPRUS MAIL

US Secretary of State Mike Pompeo, President Anastasiades,
Israeli Prime Minister Benjamin Netanyahu and Greek
Prime Minister Alexis Tsipras in Jerusalem

MARCH 20, 2019

Jean Christou

The governments of Cyprus, the US, Israel and Greece on Wednesday agreed to increase regional cooperation, support energy independence and security, and to “defend against external malign influences” in the Eastern Mediterranean and the broader Middle East.

The US Secretary of State Mike Pompeo, who attended the Jerusalem summit, expressed US support for the trilateral mechanism established by the three countries when, according to a brief official declaration following the summit, they met “to affirm their shared commitment to promoting peace, stability, security and prosperity in the Eastern Mediterranean region”.

According to the statement, Pompeo noted the importance of increased cooperation with the three countries.

Joint Statement USA Greece Israel Cyprus - TWITTER CYPRUS FM

Netanyahu says Pompeo will participate in Israel-Greece-Cyprus summit - KATHIMERINI

THURSDAY MARCH 6, 2019 : 20:24

US Secretary of State Mike Pompeo will visit Israel imminently to help with its plan for exporting natural gas to Europe with Cypriot and Greek partners, Israeli Prime Minister Benjamin Netanyahu said on Wednesday.

Israel is hoping to enlist several European countries in the construction of a 2,000 kilometre (1,243 mile) pipeline linking vast eastern Mediterranean gas resources to Europe at a cost of $7 billion.

"In a few days, the leaders of Cyprus and Greece will come here, together with ... Pompeo, to advance a gas pipeline from Israel to Europe via these countries," Netanyahu told naval cadets in the port city of Haifa.

The US Embassy in Israel declined comment.

Leviathan gas rig reaches Israel - REUTERS

JANUARY 31, 2019 / 5:49 PM

DOR BEACH, Israel (Reuters) - Israeli Prime Minister Benjamin Netanyahu on Thursday inaugurated the foundation of the Leviathan natural gas rig, effectively stomping out protests from residents and environmentalists who say it is too close to shore.

Leviathan, discovered in 2010, is one of the world’s largest gas discoveries of the past decade. The rig’s foundation, known as a platform jacket, arrived on a barge that sailed from Texas. Its topside is expected in several months. It is expected to be completed by the end of this year.

“Israel is becoming an energy power. Israel is independent, and is not dependent on anyone for its energy needs,” Netanyahu told reporters at the site, about 120 km (75 miles) off Israel’s Mediterranean coast.

New pipeline will weaken Turkish-Israeli relationship - ASIA TIMES

JANUARY 12, 2019 12:35 AM (UTC+8)

Joseph Dana

The relationship between Turkey and Israel has never been an easy one to understand. Since formal relations crystalized in 1949, with Turkey becoming one of the first Muslim-majority countries to recognize Israel, both countries have found themselves at arm’s length with the rest of the Middle East.

By the time Israel sent medics to assist victims of Turkey’s tragic earthquake in 1999, the two countries were sharing military technology and bilateral trade was booming. The relationship then took a sour turn, at least rhetorically. A war of words between Turkish President Recep Tayyip Erdogan and Israeli Prime Minister Benjamin Netanyahu reached a fever pitch over the last decade and seemingly threatened the foundations of this unique partnership.

Many observers, however, believed the alliance was never really at risk, due to the sheer amount of trade that moves between the two countries.

But now, all that has changed. The discovery of massive natural gas fields off Israel’s northern coast more than a decade ago and subsequent attempts to export this gas to Europe have highlighted the true fault lines in the Turkish-Israeli alliance. Recent events reveal that a fundamental shift in the alliance is undeniably underway.

Cyprus, Greece, Israel to set up multi-party military force for energy security - XINHUA

2018-12-22 04:16:18

NICOSIA, Cyprus, Greece and Israel have decided to set up a multi-party military force to provide security for natural gas infrastructure, Cyprus' state television reported on Friday.

It said that the multi-party force decision was among unreported issues discussed at a summit of the three countries in Israel on Thursday.

Quoting unnamed diplomatic sources at the Beer Sheba summit of Israeli Prime Minister Benjamin Netanyahu, his Greek counterpart Alexis Tsipras and Cypriot President Nicos Anastasiades, Cyprus's state television said parties involved in natural gas exploration in the eastern Mediterranean will be invited to participate with military units in the force.

Among countries expected to be invited to join the force is the United States as two U.S.-based companies, ExxonMobil and Noble Energy, are involved in natural gas exploration.

U.S. Ambassador to Israel David Friedman participated for the first time in the tripartite summit of Israel, Cyprus and Greece, expressing his country's support both for the regional cooperation groupings and the EastMed project.