Partners in Israel’s Leviathan natural gas field declared that the project’s first development stage will include a capacity of 12bcm/y of gas. Further stages could include an additional 9bcm/y of gas, reported Reuters.
This comes as US energy major Noble Energy, which hold 39.66% stake in the field, announced the it expects to make a final investment decision (FID) on field development by early 2017,while also trying to secure new sales contracts. Noble Energy EVP Operations, Gary W. Willingham, said that the company has contracted up to 450mcf/d of gas for 15 years, according to Offshore Post.
Development work in the field is expected to yield positive cash flow and royalties by 2020, with most of the gross revenue from the Leviathan project estimated to come from a deal signed with Jordan totaling $10m. The company did not reveal further updates on when it will hit first gas in thedevelopment, but it had declared earlier that this is predicted by the fourth quarter of 2019.
Noble Energy partners with Israel’s Avner Oil and Delek Drilling which each have a 22.67% share, and Ratio Oil with the remaining 15% stake in Leviathan field.