A multibillion-dollar agreement for the export of natural gas from Israel to Egypt.
NewMed Energy (45.3% working interest), Chevron (operator, 39.7%) and Ratio (15%) have received approval for their Leviathan project from the Israeli government to export approximately 130 billion cubic meters (bcm) of natural gas to Egypt
With 22.9 trillion cubic feet (tcf) of recoverable gas, Leviathan, which was discovered in December 2010, is perceived to be one of the largest producing assets in the region. After evaluation of the 330 square kilometre field, the Leviathan partners took a final investment decision in February 2017 on executing Phase 1A of the field’s development plan, with an annual production capacity of 12 bcm.
The production of natural gas began on December 31, 2019, and is believed to have become a cornerstone of gas supply in Israel, Egypt and Jordan. The Leviathan field is situated in the Israeli EEZ, approximately 130 kilometres off the shores of Haifa.
Stage 2 is set to start once the Leviathan expansion project is completed and a new transmission pipeline is built from Israel to Egypt via Nitzana