The deal would increase the total volume of gas supplied to Egypt to 130 billion cubic metres, according to a report published by the firm.

“The supply period shall be extended until Dec 31, 2040, or until the date on which the buyer shall consume the total contract quantity,” the report said.

A 2019 agreement between Egypt and the Israeli-American Leviathan consortium provided for the supply of 60 billion cubic metres of natural gas to the North African country, at 4.5 billion cubic metres per year.

NewMed retains exploration rights for over 45% of Israel’s giant Leviathan offshore gas field, which kicked off production in 2019.

In addition to meeting domestic energy needs, production from the country’s largest field is also exported to neighbouring Egypt and Jordan.