The Israeli Ministry of Energy and Infrastructure has issued a permit authorising exports of natural gas produced from the Leviathan reservoir to Egypt (Times of Israel, 18/12/2025). An export deal between Israel and Chevron, as well as its partners NewMed and Ratio, was previously signed in August 2025. Under the deal, worth US$35bn, Israel will exports about 130 bm of gas from the Leviathan field, which has reserves totalling 600 bcm, to Egypt through 2040, or until all contract values are fulfilled.
The Leviathan reservoir began supplying Egypt shortly after production commenced in 2020, under an initial deal signed in 2019 for 4.7 bcm/year, which is expected to be fully delivered by the early 2030s. The field is jointly owned by NewMed Energy, which holds a 45.34% stake, Chevron Mediterranean with 39.66%, and Israel’s Ratio Oil Exploration with 15%.
Egypt’s domestic gas production has declined sharply since peaking at 71 bcm in 2021, falling to 45 bcm in 2024—an average annual decrease of 14%. This decline is largely attributed to reduced output from the country’s main gas field, Zohr. As a result, Egypt became a net gas importer in 2023, with imports doubling to 13 bcm in 2024.