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WSJ: Shell in talks on $30B gas supply deal for its Egypt facility

|By: , SA News Editor
  • Royal Dutch Shell (RDS.A, RDS.B) is in talks over a 15-year deal worth up to $30B to buy natural gas from offshore Israeli and Cypriot fields, liquefy it in Egypt and then transport it to Europe and beyond, WSJ reports.
  • The potential deal is the latest evidence that the eastern Mediterranean Sea’s extensive reserves of natural gas may be nearing the reach of the world’s big oil companies; gas reserves in the waters off Israel, Cyprus and Egypt total an estimated 125T cf, according to energy consultant Wood Mackenzie.
  • U.S. diplomacy has worked for years to try to knit together the economies of once-hostile nations such as Israel, Egypt and Jordan, and developing the eastern Mediterranean as a natural gas hub to lessen Europe’s dependence on Russian energy; a breakthrough occurred last month when Noble Energy and its partners signed a $15B deal to supply gas from two Israeli gas fields to an Egyptian firm.
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