Thu. Jul 18th, 2024

Israeli media have expressed Tel Aviv’s deep concern over the upcoming deal that is expected to bring Egypt and the UAE together soon, warning that it will pose a challenge to Israel’s gas industry.

The Israeli website “ice” pointed to the entry of the Abu Dhabi National Oil Company into the natural gas exploration sector in Egypt, the country with the largest natural reserves in the region.

In its report, the website stated that talks to buy shares of the Israeli company “New Med”, whose shares are expected to be sold soon, began about a year ago, and the British energy giant “BP” and the Emirati company “ADNOC” participate.

These latest developments come in the context of the expansion of the Emirates Oil Company’s activity in economic waters near Egypt.

According to the Israeli economic website Globas, the two companies have concluded a joint venture agreement that includes exploration and additional investments in natural gas exploration, as Egypt is an interesting target due to its large quantities of gas compared to other countries in the region.

These moves may affect Israel’s New Med, which is seeking to increase its production from the Leviathan gas field, but achieving that goal requires funding from external sources, with Egypt expected to be the potential partner to achieve this funding.

Related Post