Leviathan Signed Natural Gas Supply Deal with Egypt

SEATTLE (Oil Monster): An agreement has been reached for Egypt to receive natural gas from Israel's Leviathan gas field. One of the partners in the Leviathan natural gas field, NewMed, made the announcement about the $35 billion contract. In Egypt's history, this is the biggest export agreement.

Egypt started receiving gas from the Leviathan reservoir shortly after production started. In 2019, a first agreement was struck for the supply of 4.5 billion cubic meters of gas annually. By the early 2030s, the amount of gas is anticipated to be fully supplied. Since 2020, Leviathan has already provided Egypt with 23.5 bcm of gas, according to NewMed.

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This is the most strategically significant export agreement to ever take place in the eastern Mediterranean, according to Yossi Abu, CEO of NewMed. It will solidify Egypt's standing as the region's most important gas hub. Its robust regional relationships enabled the natural gas supply agreement. He noted that the agreement will contribute to the opening of more regional export prospects.

Beginning in early 2026, Leviathan will provide Egypt approximately 20 bcm of gas as part of the first phase. After the Leviathan extension project is finished and a new transmission pipeline is built from Israel to Egypt, the remaining 110 bcm will be delivered in the second phase.