Despite political tensions, Egypt's natural gas imports from Israel surged in 2023, with both countries expecting economic benefits from the expanded deal.
Via The Cradle Israel’s NewMed Energy reported on Tuesday that natural gas exports from the Leviathan field to Egypt increased by 28 percent in 2023. The company reports that the exports jumped from 4.9 billion cubic meters BCM in 2022 to 6.3 BCM in 2023. Israel Katz, former energy minister, approved the increase in exports to Egypt last year. For 2026, he projected an annual production increase of six BCM – about 60 percent over the current volume. '3.
This amount will make it possible to increase the maximum amount of additional gas allowed for export to Egypt from 3.5 BCM per year to 4 BCM per year. As of the valuation date, no agreement has yet been signed. The export is subject to the aforementioned export permit.' NewMed reported that Leviathan’s partners, including Chevron, will invest $568 million to upgrade the field. In the latter half of 2025, annual production will increase from 12 BCM to 14 BCM.
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