November 2019, Vol. 246, No. 11
Global News
Israel to Increase Gas Exports to Egypt via EMED Pipeline
Israel is significantly increasing the amount of natural gas it plans to export via the EMED Pipeline to Egypt under a landmark deal, Israeli energy companies said.
Partners in Israel’s Leviathan and Tamar offshore gas fields agreed last year to sell $15 billion worth of gas to a customer in Egypt in what Israeli officials called the most significant deal to emerge since the neighbors made peace in 1979.
The amended agreement sees a 34% increase in exports to about 85 Bcm. One source in the Israeli energy industry estimated the value of gas was now $19.5 billion – $14 billion coming from Leviathan and $5.5 billion from Tamar.
Texas-based Noble Energy, Israel’s Delek Drilling and Ratio Oil own Leviathan. Noble, Delek Drilling, Isramco and Tamar Petroleum are leading partners in the Tamar field.
Noble and Delek Drilling have also partnered Egyptian East Gas Co in a venture called EMED, which bought the subsea EMG pipeline to carry the gas.
In a joint statement, the Israeli companies said the amount to be sold from the Leviathan field will nearly double to 60 Bcm of gas over 15 years. Supplies will begin Jan. 1 and continue through 2034.
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