Israeli Prime Minister Benjamin Netanyahu said that the deal will bring "billions of dollars to state coffers".
According to the Jerusalem Post, the company will supply Dolphin Energy, an Egyptian firm, with seven billion cubic meters of gas annually.
"We are at an important milestone on the road to realizing our collective vision and dream of making Israel a significant exporter of gas to countries in the region", said Yitzhak Tshuva, the controlling shareholder of Delek Group, which controls Delek Drilling.
Substantial obstacles still remain such as how to transmit the gas to Egypt, but the agreement suggests Israel and its neighbors are bolstering their ties as they seek to benefit from large discoveries in recent years. These agreements, one for natural gas from Leviathan and one for Tamar, each provide for total contract quantities of 1.15 trillion cubic feet of natural gas.
Other options include exporting the gas via pipeline to Jordan and then to Egypt or via a new pipeline linking Israel to Egypt via Nitzana. "Many people did not believe in the gas outline", he said.
Delek said the partners were considering various options for the supply of the gas to Egypt, including via a Jordanian-Israeli pipeline that is now being built or the use of the existing East Mediterranean Gas pipeline.
Given the continuing instability in the Sinai, the gas is likely to be delivered through an underwater pipeline running from Ashkelon, around Gaza's maritime border, to Egypt. Shares of Israeli gas companies soared the most in nine years on Monday. There, he says, the Israeli LNG will be converted to natural gas in order to be used in the local market by Egypt's private companies, or alternatively it will be exported to Europe via Egypt.
Meanwhile, MP Abdel Hamied Kamal said in a statement that he presented an official petition to the House of Representatives which called upon parliament to recall Egypt's Petroleum Minister Tarek El-Molla for discussion over the deal with Israel.
Many Egyptians criticized the agreements and circulated news that claims the agreement was made between the Egyptian and Israeli governments. The Bank of Israel will be setting up the fund, according to Globes, and it will begin operating after the government collects at least NIS 1 billion in revenue from the natural gas reservoirs and other natural resource depositories. "We're proud to be part of this moment". "This includes receiving gas from countries in the East Mediterranean, including Israel and Cyprus".