Egypt Extends Gas Agreement with Israel to 2040
Egypt has extended its gas supply agreement with Israel, originally established in 2019, to 2040. This extension supports Egypt's strategy to enhance energy security and solidify its position as a regional energy hub in the eastern Mediterranean.
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Egypt's Ministry of Petroleum and Mineral Resources has confirmed the extension of its gas supply agreement with Israel, originally signed in 2019. The agreement, which involves the import of up to 130 billion cubic meters (bcm) through 2040, aims to enhance operational flexibility and ensure stable energy supply.
Since production began, approximately 23.5 bcm has been delivered to Egypt from the Leviathan field. The deal's financial structure allows Egypt to optimize costs through a Brent crude-linked pricing formula.
This extension reflects Egypt's commitment to balancing domestic energy needs with export capabilities, leveraging its existing infrastructure to reduce reliance on global LNG imports. The arrangement is designed to adapt to market conditions, ensuring national energy security and strategic insurance.
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