Egypt agreed to buy all natural gas produced from the Venus deposit in Cyprus, as the North African country seeks to secure long-term supply and reduce its dependence on Israel.
The country, increasingly dependent on imports due to its decline in domestic production, usually receives about 1 billion cubic feet of natural gas daily through a pipeline from Israel. These flows were discontinued last month when Israel closed its sights because of the war, putting pressure on local supplies. Since then, the supply from Israel has been restarted, according to Bloomberg.
In addition to imports from Israel, Egypt has also advanced to large markets for liquefied natural gas from international markets in order to meet increasing demand.
The deal between Cyprus Hydrocarbons Company, which holds the rights to the Venus deposit, and the state-owned Egyptian Natural Gas Holding Company will help Cairo secure long-term supplies, with production expected to start in 2031.
The governments of Egypt and Cyprus must still approve the agreement, according to a communication published on the Tel Aviv Stock Exchange. The Venus deposit, first discovered in 2011, is estimated to contain approximately 3,53 trillion cubic feet (100 billion cubic meters) of natural gas.
