The partners utilising the large Israeli natural gas field Leviathan have announced that they will invest $429 million to expand annual natural gas production and exports, most likely to Egypt and Jordan.
The Israeli media reports do not mention any potential sale of natural gas from Leviathan to Cyprus, or its transfer to Vasilikos for exports to European markets, something that had been previously discussed without result.
Reports in the Israeli press indicate that the companies have received initial approval for their plan from Israel’s Ministry of Energy and Infrastructure.
In the coming period, a detailed techno-economic study (front-end engineering and design – FEED) will be conducted, followed by the final investment decision (FID).
With the expansion of extraction and processing infrastructure, Leviathan’s partners estimate that annual production from the field will increase from 12 BCM (billion cubic meters) to 21 BCM.
According to the Globes website, the partners (NewMed Energy – 45.34%, Chevron Mediterranean – 39.66%, which is also the operator at the Aphrodite field, and Ratio – 15%) are currently conducting commercial negotiations with potential customers in the domestic market and possible buyers in the wider region.
