Prime Minister Mostafa Madbouly clarified that the recently announced natural gas agreement with Israel is merely an extension of the deal signed in 2019.
Speaking at his weekly press conference today, Madbouly stressed that the agreement does not alter Egypt’s position on the Palestinian cause or its rejection of displacement.
The statement follows last week’s announcement by NewMed Energy, an Israeli company engaged in natural gas exploration and production and a key partner in the Leviathan field, that the field had signed a major deal to supply natural gas to Egypt, valued at $35 billion, the largest export agreement in Israel’s history.
The Leviathan field, located off Israel’s Mediterranean coast, holds an estimated 600 billion cubic meters of natural gas. Under the new agreement, approximately 130 billion cubic meters will be exported to Egypt through 2040, or until the agreed quantities are fulfilled, whichever comes first.
Leviathan has been delivering gas to Egypt since production began in 2020, under the 2019 deal to export 60 billion cubic meters, a volume expected to be completed in the early 2030s. According to NewMed, the field has already supplied 23.5 billion cubic meters of gas to Egypt between 2020 and today.
