During a press conference held today, Wednesday, he addressed the controversy surrounding the extension of the agreement with NewMed Energy, the main partner in Israel’s Leviathan natural gas field, until 2040. He explained that the agreement has been in effect since 2019, and the extension aims to accommodate the expected increase in field production to meet Egypt’s needs. The Prime Minister emphasized that Egypt maintains its firm stance against the displacement of Palestinians and supports the ceasefire in Gaza.
Madbouly noted that Egypt has begun a recovery phase in production after it decreased from 6.6 billion cubic feet per day to 4.1 billion, expecting production to return to previous levels by 2027. He confirmed that the government has laid plans to make up for the shortfall through new investments and expansion in exploration activities, with a gradual restoration of the production capacity of the Zohr field.
He also revealed a strategy to gradually reduce reliance on regasification ships, with three ships in Egypt and a fourth at the port of Aqaba. In another context, Madbouly denied any intention to relinquish state assets, affirming that the government is working on developing the downtown Cairo area to restore its historical charm.
Madbouly explained that these efforts are part of a comprehensive plan for optimal land and building utilization, especially along the Nile Corniche. The Prime Minister also touched on the decline in inflation rates in the second quarter of 2025, allowing for negotiations with commercial chambers to reduce profit margins.
It is noteworthy that NewMed Energy and the Leviathan field partners announced on August 7, 2025, an agreement worth $35 billion to export 130 billion cubic meters of gas to Egypt until 2040. Leviathan, located off the coast, is one of the largest gas fields in the Eastern Mediterranean, managed by the company in partnership with Chevron and Ratio Energy. Egypt and Jordan benefit from Israeli gas through pipelines, with Jordan using it to meet domestic needs, while Egypt re-exports it after liquefaction.
