The first stage of the EastMed natural gas pipeline begins immediately since, so does the exploitation of the Leviathan reserve, which was discovered in 2010, and at that point of time it constituted the largest one of the decade.
The Leviathan reserve which is within Israel’s EEZ will allow it to become an exporter, and this is a strategic step for the country and not that alone.
Because in regards to this discovery there is a partnership between Noble Energy which holds 39.66%, while Israel’s Delek Drilling holds 45.34%, and Ratio Oil the remaining 15%.
And the first phase of export will be towards Egypt.
This is important because it comes to enhance the entire Alliance context.
Israel also obtains the Tamar reserve which was discovered in 2009, and has been in commercial function ever since 2013.
If we were to add the Zohr reserve which was discovered in 2015, and is in commercial operation since 2018, it is obvious that the EastMed natural gas pipeline supply is already secured.
Along the same wavelength are also the reserves Kalypso (2018) and Glafkos (2019) which are located within the EEZ of Cyprus.
Therefore, after the assessments and researches, we are moving on to the first tangible steps with the production of the Leviathan reserve. The amended agreement between Israel and Egypt will have as a practical effect the doubling of the initial amount.
The value of natural gas from the Tamar and Leviathan reserves for exportation will reach almost $ 20 billion dollars.