Eastern Mediterranean

ExxonMobil and QatarEnergy’s MoU with Cairo to monetize Cyprus’ offshore Glaucus and Pegasus natural gas supports Egypt’s strategy to become the Eastern Mediterranean’s leading gas processing and LNG export hub.

An earlier deal to double Israel’s gas exports to Egypt led to approval of Leviathan’s Phase 1B expansion by guaranteeing long-term cash flow to finance the project.

The agreement requires the partners to conduct their own proprietary 3D survey of Block 8 in hope of zeroing in on the sweet spot that eluded the TotalEnergies-led consortium when it drilled a dry hole in an adjacent block in 2023.

Nitzana will enable Israel to double gas exports to Egypt from the giant Leviathan gas field in the Eastern Mediterranean.

NewMed has targeted the fourth quarter of 2025 to declare a final investment decision (FID) on Phase 1B of the Chevron-operated Leviathan gas project expansion after striking Israel’s largest ever gas export deal.

Global majors remain committed to boosting investment in Egypt’s offshore gas production as they eye Cairo’s underutilized LNG capacity.

SOCAR’s expansion of its exploration footprint in Israeli waters could position Azerbaijan as a future player in EastMed gas.

The new wells at Zohr are key to a plan to return Egypt’s gas production back to “pre-crisis” levels by June 2025.

Arcius’ remit covers the Shorouk concession, home to the Zohr gas field whose production decline has been fueled by a lack of investment.

While projects offshore Cyprus and Israel advance, Lebanon’s latest licensing round follows news that Eni, TotalEnergies, and QatarEnergy drilled a dry hole on Block 9 near the country’s maritime border with Israel.