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“The scope of the deal is 112 billion shekels, of which 58 billion shekels will enter the state treasury.”
By United with Israel Staff
Prime Minister Benjamin Netanyahu delivered an unexpected public address on Wednesday evening, revealing a major natural gas agreement that he said would generate tens of billions of shekels for Israel and strengthen the country’s strategic and economic standing in the region.
According to Netanyahu, the deal involves the export of Israeli natural gas to Egypt through the Leviathan gas field and is valued at approximately 112 billion shekels. Of that amount, he said, about 58 billion shekels will flow directly into state coffers over the life of the agreement.
“The scope of the deal is 112 billion shekels, of which 58 billion shekels will enter the state treasury,” Netanyahu said. He explained that during the first four years, Israel is expected to receive roughly half a billion shekels annually, as the companies involved invest heavily in developing infrastructure. After that phase, annual revenues to Israel are projected to rise to about six billion shekels per year.
“The money will strengthen education, health care, infrastructure, security, and the future of the next generations,” Netanyahu said.
The prime minister said the agreement was signed with the American energy giant Chevron, together with its Israeli partners, and that the gas will be supplied to Egypt from the Leviathan reservoir. He emphasized that he approved the deal only after ensuring Israel’s vital security and strategic interests, though he declined to elaborate on those considerations.
“This deal significantly strengthens Israel’s position as a regional energy power and contributes to stability in our region,” Netanyahu said. “It also encourages other companies to invest in gas exploration in Israel’s economic waters.”
Netanyahu also pushed back against past criticism of Israel’s offshore gas development, noting that opponents had once 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.
Chevron welcomed the approval of the agreement, calling it a critical step for future investment. “This significant milestone, which is a key condition for investing in expanding the production capacity of the Leviathan reservoir, reflects the strong partnership between Chevron and the State of Israel,” the company said in a statement.
Chevron added that the deal underscores a shared commitment to advancing Israel’s energy security and that of the Eastern Mediterranean region, where the company maintains a substantial presence.
The announcement marks one of Israel’s largest energy export agreements to date and underscores Jerusalem’s growing role as a central player in the regional energy market.
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