Egypt Ties Energy Security to Israel with New Gas Deal Worth Billions
Israel and Egypt have signed a nonbinding memorandum of understanding to export up to 80 billion cubic meters of natural gas from the Tamar field, worth around $20 billion. The supply period is set to run from 2031 to 2038 with an option for automatic extension until 2043.
The signatories are Israel's Isramco Negev 2 and Mubadala Energy Tamar, owned by the Abu Dhabi government. This deal comes a year after a previous agreement in August 2025 that involved exporting around 130 billion cubic meters of gas to Egypt, valued at about $35 billion through 2040.
Egypt's growing reliance on Israeli gas is not just an economic decision but also has broader political and security implications. The deal coincides with Israel's pressure on Egypt's national security in the east and south, and ongoing violations in the Gaza Strip.