Egypt to sign $20bn gas deal with Israel's Isramco and UAE's Mubadala Energy

Israeli company Isramco and UAE‑based Mubadala Energy have signed a non‑binding memorandum of understanding with an Egyptian importer to supply natural gas from the offshore Tamar field. The agreement foresees delivery of up to 80 billion cubic metres of gas between 2031 and 2038, with a possible extension to 2043 if the field’s operating contract is renewed.

Pricing is to be linked to Brent crude with a minimum floor, averaging about $7 per MMBtu for the contract term, slightly below the $7.60 per MMBtu Egypt paid for similar imports in 2025. The potential value of the deal reaches roughly $20 billion, making it one of the largest projected gas export contracts in the Eastern Mediterranean.