Netanyahu Unveils $30 Billion Gas Deal with Egypt

In a major development for Israel’s economy and regional influence, Prime Minister Benjamin Netanyahu announced Wednesday evening the signing of a massive natural gas export deal with Egypt, valued at 112 billion shekels (roughly $30 billion). The landmark agreement, brokered with energy giant Chevron and Israeli partners, is expected to inject tens of billions directly into the Israeli treasury over the coming decades.

Speaking in a nationally televised address, Netanyahu called the agreement a “strategic and economic breakthrough,” emphasizing its long-term benefits for national infrastructure, education, health, and security. “The money will strengthen education, health care, infrastructure, security, and the future of the next generations,” he said.

Of the total deal, approximately 58 billion shekels will be directed to the state, with initial revenues estimated at half a billion shekels annually during the first four years, as infrastructure development ramps up. Thereafter, Israel is projected to earn up to six billion shekels per year.

The natural gas will be supplied from the Leviathan reservoir one of the largest offshore discoveries in the Mediterranean to Egypt, solidifying Israel’s growing role as a key energy exporter in the region.

“This deal significantly strengthens Israel’s position as a regional energy power and contributes to stability in our region,” Netanyahu stated. He also highlighted the geopolitical implications, describing the deal as a stabilizing factor in Israel’s relations with its neighbors.

Importantly, Netanyahu noted that the agreement received final approval only after he ensured that Israel’s vital security and strategic interests were protected, though specific details were not disclosed.

Chevron praised the announcement, calling it “a significant milestone” that paves the way for expanded investment in the Leviathan field and beyond. “This reflects the strong partnership between Chevron and the State of Israel,” the company said in a statement, adding that it would enhance energy security in both Israel and the broader Eastern Mediterranean.

Netanyahu took the opportunity to rebut years of criticism from opponents of Israel’s offshore gas development. “They warned it would damage the economy. Today it is clear that extracting gas from the depths of the sea has brought enormous blessing to the State of Israel,” he said.

This is one of Israel’s largest energy export deals to date and is expected to catalyze further exploration and development within Israel’s economic waters. With this announcement, Israel not only secures vital revenue streams but also positions itself as a central player in regional cooperation and energy diplomacy.

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