NewMed Vitality (TASE: NWMD) has signed a memorandum of understanding (MOU) to promote 100 billion cubic meters (BCM) of pure gasoline to Egypt from the Cypriot offshore Aphrodite gasoline discipline.
Egypt is a big gasoline client, and the shutdown of Israel’s Leviathan gasoline discipline for 32 days throughout to the battle with Iran has led to energy outages in Egypt.
The Aphrodite reservoir, which might be exported to Egypt through a floating platform and pipeline to the Nile Delta area, will assist fulfill demand for gasoline that may solely enhance within the coming years resulting from Egypt’s inhabitants progress.
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NewMed stated, “The settlement is legitimate for 15 years or till the top of business manufacturing from the reservoir, whichever comes first. As well as, the reservoir partnership may have the correct to increase the settlement for an extra 5 years.”
The settlement might be carried out utilizing a “take or pay” mechanism, which means that the provision might be fastened, and Egypt might be compelled to pay even when it doesn’t want the total quantity of gasoline within the settlement. The value might be linked to the value of a barrel of Brent crude oil, which is at the moment at a comparatively excessive degree and is predicted to say no solely step by step within the coming years.
The Aphrodite offshore gasoline discipline barely extends into Israel’s financial waters, the place it’s known as Yishai, and the Israeli and Cypriot governments are at the moment in negotiations to find out the exact boundary between the reservoirs to allow their growth.
NewMed Vitality CEO Yossi Abu stated, “In the present day we mark one other stage within the growth of the Aphrodite reservoir. Approval of the MOU for the export of all pure gasoline from the Aphrodite reservoir is a essential step on the best way to approval of a Closing Funding Determination (FID) and the beginning of manufacturing. This settlement is proof that pure gasoline is a major participant in regional cooperation and has the facility to strengthen Israel’s place. I consider it’s going to present additional reinforcement on the best way to additional worldwide agreements.”
Aphrodite has about 100 BCM of pure gasoline, barely greater than the “Karish” and “Tanin” reservoirs however lower than the “Tamar” and “Leviathan” reservoirs. NewMed holds 30% of the reservoir, whereas Chevron and Shell maintain 35% every.
Revealed by Globes, Israel enterprise information – en.globes.co.il – on April 9, 2026.
© Copyright of Globes Writer Itonut (1983) Ltd., 2026.
