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Monday, 23 December 2019

Egypt to receive its first shipment of Israeli gas in mid-January

Egypt will receive its first shipment of Israeli gas in mid-January, a senior industry source said, according to Reuters. The Israeli government gave its final approval of gas exports to Egypt on Friday after a court lifted a temporary injunction it had imposed on the Leviathan field due to environmental concerns. The approval ensured that the shipments to Egypt are on course to arrive in 2020 under the landmark agreement signed last year by Alaa Arafa’s Dolphinus with Texas-based Noble Energy and Israel’s Delek Drilling.

We will eventually be receiving close to 7 bn cubic meters (bcm) a year: The purchase agreement was initially for USD 15 bn-worth of gas from the Tamar and Leviathan fields, and were scheduled to be delivered over 10 years. Last October, the quantity was amended upward to USD 19.5 bn-worth of gas that will flow through to 2034. The first three years will see a total of 2.1 bcm sold annually, before gradually growing to 6.7 bcm.

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