Global Courant
Partners in Israel Leviathan offshore gas project announced on Sunday that they have agreed to invest US$568 million in the construction of a third pipeline that will enable Israel’s increased production and export of natural gas.
According to Reuters, the third pipeline will connect the well, located in deep waters in the eastern Mediterranean, to a production facility about six miles offshore.
The Leviathan consortium includes operator Chevron and Israel’s New Med energy and relationship energies.
The project currently supplies gas to Israel, Egypt and Jordan, with plans to also sell gas to Europe.
According to the partners, work will start in the second half of 2025, when production at Leviathan of 12 billion cubic meters will increase from 14 billion cubic meters annually.
The expansion of production capacity and future liquefaction through a dedicated liquefaction plant will enable us to supply more natural gas to the local and regional markets and very soon to the global market, said the CEO of New Med energyYossi Abu.
In June 2022, Egypt, Israel and the EU signed a memorandum of understanding, which the three sides described as historic, to export Israeli natural gas to Europe via Egypt.
Egypt and Israel had agreed to connect the giant Leviathan field to Egyptian liquefaction units via a marine pipeline in early 2021, aiming to maximize natural gas resources and reserves in the region.
Leviathan — one of the largest deep-water gas discoveries in the world — contains an estimated 22 trillion cubic feet of gas, located about 120 kilometers west of Haifa, with a water depth of 1.7 kilometers.
Leviathan is currently transferring a maximum capacity of 1.2 billion cubic feet of natural gas per day, or 12 billion cubic meters per year, to Israel, Egypt and Jordan.
