Companies including Noble Energy Inc., which are developing gas fields in Israel, have been pushing plans to export the fuel to Egypt since the start of the year. As becomes apparent from the details provided by the Italian energy group, the prospective Zohr field could potentially be the world’s largest natural gas field, holding up to 30 trillion cubic feet of lean gas over an area of about 100 square kilometres. The key for Israel is Leviathan. “It’s a very useful positive economic factor in Egypt�, he said. “It essentially postpones any prospect for a deal�. When importing gas from Israel, Private companies will require government approval, he continued. Prices of spot LNG for delivery to Northeast Asia has slid more than 60 percent since past year, while cargoes to Europe have fallen 37 percent, according to New York-based Energy Intelligence’s World Gas Intelligence publication. Descalzi led Eni in its largest natural gas find at the Mamba field in Mozambique, where the company has found 75 trillion cubic feet of gas in the offshore deposits of its Area 4. Israel still has plans to turn its own massive offshore gas resources into a source of energy for the rest of the region. Netanyahu may make details of deal public. Israel’s antitrust commissioner resigned in opposition to the deal. A deal with an Egyptian buyer is key, unless another party, such as Turkey or Cyprus, comes to the table. Fuel imports from Israel have lengthy been unpopular in Egypt due to the Arab-Israeli battle. Share prices for the two companies dropped sharply the day after the Egyptian discovery was announced. “So it’s absolutely clear that we must not get trapped now in draconian contracts�, she told Army Radio. Speeding up gas production phases are to be agreed upon within the next three years. Liran Lublin, energy analyst at IBI Investment House, estimates Egypt, which had proven reserves 2.5 times that of Israel even before the latest discovery, will not be ready to export gas before 2023-24. Initially scheduled to go online next year, it now remains unclear when the field will be developed. Leviathan’s gas could reach the LNG facility by 2019-20, he estimated. Why on earth would it buy gas from its competitors – Cyprus and Israel? By making the prospect of gas exports less likely, it could spur greater Israeli gas consumption at home. Lakkotrypis said he spoke on the phone with his Egyptian counterpart on Monday morning, and that plans to transport Cypriot gas to Egypt via a subsea pipeline remained on track. But a gusher of gas in Egypt could push those two countries to search for a new-old export outlet. Abdel Badie noted that Eni is free to sell any amount of its natural gas stake production.

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