Egypt-Israel gas deal expands in scope

Gas-rich Egypt may need regional supply to meet growing domestic demand and export aspirations in the medium-to-long-term

Israeli producer Delek and US independent Noble Energy—lead developers of Israel’s two largest offshore gas finds—agreed in early October with Dolphinus Holdings, an Egyptian conglomerate, to increase by a third the total volume of gas to be supplied under an accord signed in February last year.  The partners also revealed that the Israeli regulator had approved their acquisition of a 39pc stake in East Mediterranean Gas (EMG), owner of an existing pipeline between the neighbours built in the last decade to send Egyptian gas to Israel. The pipeline will now deliver gas in the opposite direction. Delek and Noble initially agreed to sell a total of 64bn m³ over 10 years from the 21.4tn ft³ Lev