How Egypt will help Israel realise its goal of selling natural gas to Europe
Egyptian President Abdel Fattah al-Sisi speaks with Israeli Prime Minister Benjamin Netanyahu ahead of the United Nations General Assembly in New York
To meet domestic consumption, Egypt stopped exporting, especially after two of its Liquid Natural Gas plants ceased to function in light of the deepening financial crisis. One year later, the Greek Cypriot Administration of Southern Cyprus discovered the Aphrodite field, which is located in exploratory Block 12 in the Cypriot Exclusive Economic Zone with an estimated 4.5tn ft³. These discoveries worked in favour of Israel, reducing the country's gas dependency by at least 50 years. While meeting its own demands, Israel aims to export gas to Europe as well.
The Fatih vessel, formerly the Deepsea Metro II, arrived in the Turkish Mediterranean city of Antalya in June in preparation for the start of Turkey’s first deep drilling project in the region. Texas based Noble and Israel’s Delek, who are key partners in the Leviathan gas field and the existing Tamar field off Israel’s Mediterranean coast, have partnered with Egyptian Gas Co in a venture called EMED. The EMED venture is buying rights in the EMG pipeline, which will carry gas to Egypt from the Tamar and Leviathan reservoirs in Israel.
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