Leviathan platform: Image from Albatross website
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Completion of the Israeli offshore project will allow annual production capacity to increase from 12 billion cubic meters to 21 billion cubic meters.
After receiving a signal from the Petroleum Commissioner of the Ministry of Energy and Infrastructure that they will be allowed to significantly expand annual production, the Leviathan offshore natural gas reservoir partners announced a $429 million investment in this regard. The investment relates to the engineering and preliminary design of the project and the purchase of long-term components for the expansion.
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Leviathan’s partners are NewMed Energy (45.34%), Chevron Mediterranean (39.66%), and Ratio (15%).
Completion of the Leviathan expansion project would increase the reservoir’s annual production capacity from 12 billion cubic meters to 21 billion cubic meters. This would provide a long-term response to the Israeli economy’s demand for natural gas, alongside deepening regional activity and new export agreements.
The implementation of the initial design model is a key step required before the final investment decision is expected to be made by the Leviathan partners. The Leviathan partners are currently in commercial negotiations with potential customers, in the local and regional economies, with the aim of signing natural gas sales agreements, in line with the additional quantities that will be produced from the reservoir, after its expansion is completed.
This article was published in Globes, Israeli Business News – en.globes.co.il – on August 1, 2024.
© Copyright Globes Publisher Itonut (1983) Ltd., 2024.
Leviathan platform: Image from Albatross website