FID taken on giant Leviathan project in Israel
JERUSALEM, July 3, 2023 – NewMed Energy and partners have made the FID on the USD 568-million Leviathan field expansion project located offshore Israel, the Israeli oil and gas player announced on Sunday.
The project involves constructing a third pipeline stretching 110 kilometres and expanding maximum gas supply capacity from the Leviathan field from 1.2 bcf per day to 1.4 bcf per day.
First gas from this third phase of development is expected to flow in H2 2025.
Funding for the project will be financed by the partners from existing cash flows.
NewMed Energy holds a 45.34% stake in the field alongside partners Chevron with a 39.66% stake and Ratio Energies with the remaining 15% stake.
In May 2023, NewMed Energy and its partners submitted a plan to the local government to develop the offshore Aphrodite field in Cyprus located 30 kilometres northwest of the Leviathan field.