How big is the Israel-Egypt Gas deal for Noble Energy?

While political tensions escalate in the Middle East and the Israeli-Palestinian conflict lingers on with increasing bloodshed, the word is that Egypt and Israel might be on the verge of a massive $60 billion natural gas deal. The respective leaderships are in the process of negotiating an agreement that would see Israel exporting natural gas to Egyptian liquefaction plants.

When the news was first announced last week, it coincided with Israel resuming aerial bombardment of Gaza. While an umpteenth ceasefire might have been agreed upon this week, this Israel-Egyptian agreement -- should it go ahead -- would send shockwaves through the Middle East's hitherto political alliances. And to think that until last year Egypt had basically thrown any prospects of trade with Israel out of the proverbial window, owing to the then-in-power Muslim Brotherhood's stance…

Even so, while the political analysts and international relations commentators mull over the diplomatic implications of the deal, which wouldn't be finalized till the year's end, for investors there is an intriguing prospect surfacing. And it revolves around Noble Energy (NYSE:NBL) and its Israeli partner, Delek Group, who would be responsible for delivering around 6.25 trillion cubic feet of natural gas from the Leviathan offshore to Damietta port's LNG facilities in Egypt, along with Idku, which is another coastal town.