The consortium growing Israel’s Leviathan, operated by Chevron Corp., has submitted to the federal government a revised growth plan for the pure fuel and condensate discipline’s enlargement undertaking.
The brand new plan for Section 1B would develop Leviathan’s manufacturing capability to about 23 billion cubic meters (812.24 billion cubic toes) a yr. That’s up from the earlier plan of round 21 Bcm every year, majority proprietor NewMed Power LP stated in a submitting with the Tel Aviv inventory alternate.
Leviathan, found 2010 off the coast of Haifa metropolis, began manufacturing December 2019 beneath Section 1A, which has a capability of roughly 12 Bcm a yr. Leviathan “since has develop into a cornerstone of fuel provide in Israel, Egypt and Jordan”, NewMed Power, owned by Israel’s Delek Group, says on its web site.
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The consortium, which additionally contains Israeli firm Ratio Energies LP, plans to implement the revised Section 1B plan in both one go or two levels.
Stage 1 would drill three manufacturing wells, add new subsea methods and develop processing amenities on the present platform to lift Leviathan’s manufacturing capability to about 21 Bcm a yr. The entire value is estimated to be $2.4 billion gross. Thus far the companions have authorized $505 million, based on the submitting.
Stage 2 “primarily contains the drilling of further manufacturing wells and associated subsea methods, and on this context, insofar as required, the laying of a fourth pipeline between the sector and the platform, in a fashion that’s anticipated to extend the utmost every day manufacturing capability by one other ~2 BCM per yr, i.e. to a complete amount of ~23 BCM per yr”, NewMed Power stated.
“The Companions intend to advertise the receipt of the required regulatory approvals and the signing of the agreements for the sale of pure fuel to the home market and for export” with a view to reaching a remaining funding resolution for stage 1 “within the coming months”, NewMed Power stated.
In 2023 the companions agreed to take a position about $568 million for the event of a 3rd Leviathan pipeline.
The subsea conduit “will enable enlargement of the utmost fuel provide capability from the Leviathan undertaking to INGL’s [Israel Natural Gas Lines Ltd.] transmission system from approx. 1.2 BCF per day to approx. 1.4 BCF per day, from mid-2025”, NewMed Power stated July 2, 2023.
Final yr the consortium acquired an preliminary allow from the Power Ministry to lift Leviathan’s fuel allotment for abroad markets to as a lot as 118 Bcm.
That will improve to as much as 145 Bcm “upon success of sure circumstances”, NewMed Power stated June 26, 2024.
“The demand for pure fuel in Israel and regional markets is rising, and we’re ready to develop manufacturing from the Leviathan undertaking accordingly”, Yigal Landau, chief government and co-founder of Ratio Energies, stated then.
Leviathan, spanning 330 sq. kilometers (127.41 sq. miles), holds confirmed and possible reserves of 14.83 trillion cubic toes of fuel and 32.6 million barrels of condensate, based on a useful resource replace by NewMed Power February 4, 2025.
NewMed Power owns 45.34 % of Leviathan, which it says is the biggest fuel discipline within the Mediterranean. Chevron Mediterranean Ltd., which renamed from Noble Power Inc. following the USA large’s 2020 acquisition of Noble Power, holds 39.66 %. Ratio Energies owns 15 %.
To contact the creator, electronic mail jov.onsat@rigzone.com
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