Overview

• The $35 billion contract between NewMed Energy’s Leviathan Partnership and Egypt’s Blue Ocean Energy secures 130 billion cubic meters of gas exports through 2040, tripling volumes under the original 2020 agreement.
• Phase One will add 20 BCM annually starting in 2026, contingent on completion of a third pipeline from the Leviathan platform and Ashdod–Ashkelon transmission line upgrades.
• Phase Two depends on a final investment decision for the Leviathan Expansion Project (Phase 1B) and construction of a new Nitzana export route to boost annual capacity to 21 BCM.
• Pricing is tied to Brent crude benchmarks and the deal now awaits export licenses from Israeli regulators plus shareholder sign-off before project financing can proceed.
• Leviathan’s reserves exceed 600 BCM, underpinning sustained production through 2064 and underscoring Israel’s strategic energy role in deepening cooperation with Egypt despite regional tensions.