Leviathan Israel Gas rig (NewMed Energy)
Leviathan Israel offshore natural gas reservoir partners have announced a $429 million investment to significantly expand production. The decision follows approval from Israel’s Ministry of Energy and Infrastructure’s petroleum commissioner. The funds will be allocated to front-end engineering and design (FEED) for the expansion project, as well as the procurement of essential equipment.
Once completed, the Leviathan expansion project will double its annual production capacity from 12 to 21 billion cubic meters. This significant increase will ensure a long-term supply of natural gas for Israel’s economy while also supporting growing regional demand and new export opportunities.
The Leviathan gas field is a major natural gas discovery located in the eastern Mediterranean Sea, off the coast of Israel. It is a significant energy resource for the country, contributing to its energy independence and economic growth.
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The primary partners involved in the development and operation of the Leviathan gas field are Chevron Mediterranean Limited – holds a 39.66% working interest – (Formerly Noble Energy), NewMed Energy – holds a 45.34% working interest – and Ratio Energies – holds a 15% working interest.
These companies are responsible for the exploration, development, production, and marketing of the natural gas extracted from the Leviathan field.
The Leviathan gas reservoir was one of the world’s largest deep-water gas discoveries of 2000-2010, and its development is the largest energy project in Israeli history. Some 200 engineers took part in the project’s engineering design process, while 7000 workers from 25 different countries were employed in its construction. The reservoir was discovered by Noble Energy, now Chevron Mediterranean Limited (39.66%),NewMed Energy (45.34%), and Ratio Energies (15%) in December 2010.
The gas field is located deep in the Mediterranean Sea, 130 km west of Haifa.
“We can now say that the Leviathan expansion project is underway, guaranteeing a solution for the domestic demand for natural gas and allowing the State of Israel to elevate its status as a key energy supplier in the region and beyond,” said Yossi Abu, CEO of NewMed Energy. “Specifically, in these challenging times for Israel and the Israeli economy, we are delighted to promote huge investments in Israel, thus also helping to boost the confidence of global markets in the Israeli economy.”
