Saudi Press

Saudi Arabia and the world
Sunday, Apr 02, 2023

Leviathan group starts plans for Israeli floating LNG terminal

Leviathan group starts plans for Israeli floating LNG terminal

Partners in the Leviathan gas field in the eastern Mediterranean have approved nearly $100 million of spending on preparation for expansion that includes a floating liquefied natural gas (LNG) terminal off the coast of Israel, the companies said on Tuesday.
Leviathan, a deep-sea field with huge deposits, came online at the end of 2019 and produces 12 billion cubic metres (bcm) of gas per year for sale to Israel, Egypt and Jordan. The idea is to boost capacity to include sizeable volumes for Europe as it seeks to reduce dependence on Russian energy.

"The development plan ... will enable a significant increase in production to 21 bcm (billion cubic metres) a year," said Yigal Landau, CEO of Ratio Energies (RATIp.TA).

NewMed Energy (NWMDp.TA), partner with Ratio and Chevron (CVX.N) in Leviathan, said the group will spend $45 million to plan initial production expansion and a further $51.5 million on preparations for the floating LNG terminal.

The floating facility is expected to have an annual LNG capacity of about 4.6 million tonnes, or 6.5 bcm, NewMed said.

Israel, Egypt and the European Union last year signed a memorandum of understanding for Israeli gas to be sent to Europe through LNG plants in Egypt.

Israeli Foreign Minister Eli Cohen met U.S. energy envoy Amos Hochstein on Tuesday and discussed the Israeli energy sector's potential to help Europe as well as the Middle East, where Israel hopes to normalise ties with more Arab countries.

"Some of the regional stability we aspire to comes, among other things, from stability in the energy market," Cohen said, adding that Israel is strengthening ties with its neighbours to establish new supply chains.

It will take about three years from a final investment decision before the extra gas begins flowing to Egyptian LNG plants and the local market, said an industry source familiar with the project. The floating LNG component will come online after that.

"The local, regional and global markets are awaiting this move and we are working vigorously to advance it," said NewMed CEO Yossi Abu.
Newsletter

Related Articles

Saudi Press
Close
0:00
0:00
The G-7 aims to make global crypto regulations tougher
Don’t Dismiss China’s Peacemaking Bid
Father obliterates council members following viral TikTok of biological male masturbating in women’s bathroom..
EU's von der Leyen: "We know this is an era where we rely on one single supplier. China. 98% of our rare earth supply."
China and Brazil have signed a new deal that will allow them to trade in their own currencies, bypassing the US dollar as an intermediary
Elon Musk and Others Call for Pause on A.I., Citing ‘Profound Risks to Society’
Nashville style execution
“We've had evidence prior to the pandemic that masks were largely ineffective at preventing community transmission of influenza “
Former Starbucks CEO Howard Schultz:
Former Starbucks CEO Howard Schultz rejects being labeled a "billionaire"
Jamie Dimon is being deposed over JPMorgan Chase role in Epstein lawsuits
This is how an electric car saves all the energy that he would have spent if he had lived 50 years longer.
Brand new security footage has just been released to the public showing the Active shooter Audrey Elizabeth Hale drove to Covenant Church School in her Honda Fit this morning, parked, and shot her way into the building
Social Media censoring users for saying the true
Smart Iranian fashion designer teaching dummy TV anchors lesson about reality
AMERICA, 2023
U.S. charges FTX's Bankman-Fried with paying $40 million bribe
Fallen 'Crypto King' Who Owes Millions to Investors Was Kidnapped and Tortured
Regulators blame social media for SVB's rapid collapse: 'Complete game changer'
AOC explains why she opposes banning TikTok
UK: Humza Yousaf replaces Nicola Sturgeon as SNP leader and first minister in Scotland
In a dramatic U-turn against His Government: Judicial Reform Legislation Must Be Halted, Says Israeli Defense Minister Yoav Gallant
Gordon Moore, a co-founder of Intel Corporation, died at 94
Powell: Silicon Valley Bank was an 'outlier'
Donald Trump arrested – Twitter goes wild with doctored pictures
NYPD is setting up barricades outside Manhattan Criminal Court ahead of Trump arrest.
Credit Suisse's Scandalous History Resulted in an Obvious Collapse - It's time for regulators who fail to do their job to be held accountable and serve as an example by being behind bars.
Goldman Sachs cuts outlook for European bank debt over Credit Suisse crisis
Paris Rioting vs Macron anti democratic law
Credit Suisse to borrow $54 billion from Swiss central bank
Russian Hackers Preparing New Cyber Assault Against Ukraine
"Will Fly Wherever International Law Allows": US Warns Russia After Drone Incident
If this was in Tehran, Moscow or Hong Kong
Announcing GPT-4
TRUMP: "Standing before you today, I am the only candidate who can make this promise: I will prevent World War III."
China is calling out the US, UK, and Australia on their submarine pact, claiming they are going further down a dangerous road
A brief banking situation report
We are witnessing widespread bank fails and the president just gave a 5 min speech then walked off camera.
Donald Trump's asked by Tucker Carlson question on if the U.S. should support regime change in Russia?.
Good news: The U.S. government is now guaranteeing all deposits, held by, Silicon Valley Bank, and the funds are available as of today
Silicon Valley Bank exec was Lehman Brothers CFO
Saudi Arabia has announced a major breakthrough in diplomacy with Iran after two years of intense talks
A Mississippian man, who was once considered a “ticking time bomb,” has lost a whopping 165 kilograms! What motivated this incredible transformation?
Elon Musk Is Planning To Build A Town In Texas For His Employees
The Silicon Valley Bank’s collapse effect is spreading around the world, affecting startup companies across the globe
Market Chaos as USDC Loses Peg to USD after $3.3 Billion Reserves Held by Silicon Valley Bank Closed.
Barcelona is feeling the heat as they face corruption charges over payments to former vice-president of Spain's referees' committee, Jose Maria Enriquez Negreira
Banking regulators close SVB, the largest bank failure since the financial crisis
Watch: “They are wounded but unbowed, unbreakable.”
Silicon Valley Bank: Struggles Threaten Tech Startup Ecosystem"
×