Israel-Egypt $15 Billion Gas Deal Boosts Energy Hub Prospects
- Ties between neighbors broaden from security to economics
- Eastern Mediterranean could contain additional huge reserves
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A $15 billion deal to export Israeli gas to Egypt is moving forward after months of talks, bringing the Jewish state a step closer to becoming an energy exporter to the most populous Arab country.
Noble Energy Inc. and Delek Drilling-LP said they plan to supply around 64 billion cubic meters of natural gas over 10 years to Egypt’s Dolphinus Holdings Ltd. from Israel’s Tamar and Leviathan reservoirs. Shares of Israeli gas companies soared the most in nine years on Monday. The deal needs regulatory and government approvals in Egypt and Israel.