Israel to Supply Egyptian Company With $15 Billion Worth of Gas

02/19/18 11:36 AM EST

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.


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(END) Dow Jones Newswires

February 19, 2018 11:36 ET (16:36 GMT)

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