Reports on Sunday revealed that Egypt is ready to start importing natural gas from Israel for re-export in early 2019, between Egypt’s Dolphinus Holdings and partners in Israel’s Tamar and Leviathan offshore gas fields.
A source from Israel’s energy sector said “Imports will start in small quantities first and will gradually increase to reach their climax in September 2019”.
Israeli energy group Delek Drilling LP said that it had signed agreements with its associates to supply 64 billion cubic meters of gas from Israel’s Leviathan and Tamar offshore fields to Dolphinus over a 10-year period, a deal to be worth approximately $15 billion.
The agreement was intended to increase Egypt’s efforts to become a key regional energy exporter following the country’s recent economic development of its gas import industry.
Israel is now a leading gas exporter with the discovery of large off-shore gas fields in the Mediterranean Sea, off the coast of Israel.
Tamar, which began production in 2013, has estimated reserves of up to 238 billion cubic metres and the Leviathan gas field, discovered in 2010 and set to begin production in 2019, is estimated to hold 535 billion cubic metres of natural gas, along with 34.1 million barrels of condensate.