Israel will increase its gas exports to Egypt over the next 15 years. Worth US$15bn, the previous deal, signed in February 2018, included the delivery of 64 bcm of natural gas to Egypt over a decade. Under the terms of a new agreement, US enterprise Noble Energy and its partners will supply 63 bcm of natural gas from Israeli Leviathan to Egyptian company Dolphinus Holdings over a period of 15 years, while deliveries from Israel’s Tamar field will stand at 27 bcm until the end of 2034. Both contracts include take or pay commitments. Subject to certain regulatory approvals, the new agreement is valued at US$19.5bn.
Moreover, Noble Energy and its partners have acquired a participation in the East Mediterranean Gas (EMG) gas pipeline between Ashkelon (Israel) and El Arish (Egypt), which would transport gas exports. The transaction is expected to close in the fourth quarter of 2019.
Noble Energy holds 39.66% of the Leviathan project, together with Delek Drilling (45.34%) and Ratio Oil Exploration LP with 15 percent interest. Its participation reaches 25% in the Tamar project. Other shareholders include Isramco Negev 2 (28.75%), Delek Drilling LP (22%), Tamar Petroleum (16.75%), Dor Gas Exploration (4%) and Everest Infrastructures (3.5%).