NewMed Energy
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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.
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Nitzana will enable Israel to double gas exports to Egypt from the giant Leviathan gas field in the Eastern Mediterranean.
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Updates about global exploration and production activities and developments.
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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.
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The updated plan seeks to avert termination of the PSA by raising total investment and constructing a floating production unit at Aphrodite plus an export pipeline to Egypt.
