Chevron-operated Mediterranean gas field prepared to get export increase program on roadway

After getting initial approval from Israel’s Energy Ministry, partners in a gas field off the coast of Israel are anticipated to reach a choice on the growth of the natural gas export capability from the field, while stepping up domestic supply. The approval is viewed to makeup the basis for introducing the next action of the field’s advancement.

Based on the permission got from the Energy Ministry’s Petroleum Commissioner, the export volume from the Leviathan gas field – stated to be the biggest natural gas tank in the Mediterranean – can be increased by an extra 118 BCM, or up to 145 BCM if specific conditions are fulfilled.

CEO of NewMed Energy, Yossi Abu, keptinmind: “The Leviathan growth is taking shape. The Leviathan tank is an energy center consistingof a large quantity of resources, makingsure energy security for Israel, alongwith exports to the local market and, in the foreseeable future, likewise to the international market.”

Furthermore, the Leviathan partners – NewMed Energy, Chevron, and Ratio Energies –  are working on greenlighting a choice to bring out front-end engineering style (FEED) and initial procurement of long lead products associated to the growth of the Leviathan tank’s production system. If the consent is offered, the approximated agreement worth will be around $400–500 million.

In addition to the federalgovernment’s resolutions embraced in this context, the approval types a basis for the promo of Phase 1B of the field’s advancement strategy, which intends to boost gas production and supply to 21 BCM per year. This is seen as a long-lasting service for the need for natural gas in the domestic market, which is the sole focus of present advancement strategies.

Moreover, Phase B is anticipated to consistof a melted natural gas (LNG) part to broaden Leviathan’s client base to Europe and the Far East. To that end, the Leviathan partners are in talks with 2 existing liquefaction centers in Egypt, together with checkingout alternatives for liquifying natural gas on a drifting system anchored in the Israeli