Israel to Supply Egyptian Company With $15 Billion Worth of Gas
By Rory Jones
TEL AVIV--Investors in Israel's natural-gas fields agreed Monday to supply an Egyptian company with $15 billion worth of gas, a deal that will help boost economic and diplomatic ties between the two Eastern Mediterranean neighbors.
Houston's Noble Energy Inc. and Israel-based Delek Drilling LP will supply 64 billion cubic meters of natural gas over 10 years from the Tamar and Leviathan fields to Egypt's Dolphinus Holdings Ltd, Delek said in a statement.
The companies would evaluate a number of potential options for transporting the gas, including linking Israeli and Egyptian gas grids, Delek said.
The Leviathan reservoir was one of the largest natural-gas finds ever when discovered in 2010 but development of the field and exports from it stalled for years amid geopolitical obstacles and Israeli bureaucratic red tape.
Write to Rory Jones at Rory.Jones@wsj.com
(END) Dow Jones Newswires
February 19, 2018 11:36 ET (16:36 GMT)Copyright (c) 2018 Dow Jones & Company, Inc.