Israel and Egypt sign agreement for gas exports

Israeli authorities reported that they have given the green light to their first natural gas exports to Egypt

In 2018, Cairo settled the bases for an agreement with Israel for the transfer of natural gas from the Israeli fields of Tamar and the Leviathan platform to Egypt. Tamar, already exploited since 2013, contains reserves estimated at 238,000 million m3.

For its part, the Leviatán deposit in the Mediterranean was discovered in 2010 and has 539,000 million m3 of natural gas and 34.1 million barrels of condensate but local production has not yet begun.

So far it is known that the partners of the Leviatán and Tamar gas fields in Israel had agreed to sell gas worth 15,000 million dollars to a customer in Egypt called Dolphinus Holdings, but last month the agreement to increase supply was modified by 34% to reach 85,000 million cubic meters, which means about 20,000 million dollars.

This Monday, Israel’s Energy Minister approved the export of gas from these two sites to Egypt. “The export of gas from the Leviathan and Tamar fields to Egypt is the largest economic cooperation between Egypt and Israel since the Treaty was signed of Peace between both countries”.

According to analysts, the development of Israeli gas exports aims to strengthen ties between Israel and the other states in the region, and even with the other countries in the Mediterranean basin.

K.Villarroel

Source: finanzasdigital

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