In a story rife with geopolitical implications, reports indicate the consortium developing Israel’s Leviathan gas field – which includes US-based Noble Energy – could be close to signing supply deals with Turkey and Egypt instead of sending to gas to Greece and/or Cyprus as previously planned.

In an ironic reversal of fortune, Israeli gas could be delivered to BG’s Idku LNG export facility in Egypt, which is currently shut due to domestic Egyptian gas supply needs. Egypt supplied pipeline gas to Israel until 2012 when the contract was abrogated in the midst of Arab Spring fallout. Many questions remain, but ostensibly BG would continue supplying the domestic Egyptian market from its in-country operations, while sourcing incremental supply from Israel that would be liquefied and exported to its global customer portfolio from Idku.

Additionally, a pipeline to Turkey could begin construction as early as next year. That gas would likely supply the domestic Turkish market, though some volumes could potentially be re-exported to European customers. However, the volumes reaching Europe would be lower than those envisioned under the previous Greek supply scheme, which is significant given Europe’s current gas supply apprehension vis-à-vis Ukraine and Russia.

Furthermore, a floating LNG liquefaction plant could export Leviathan gas to Asian markets, according to Reuters. These complex negotiations with numerous parties are ongoing, so stay tuned to see how this all shakes out.

“We think construction phase for a pipeline to transport Israeli gas to Turkey could begin in the second half of 2015,” a Turkish energy official said. – Reuters