Leviathan partners in Israel to invest $568 mln in third gas pipeline - REUTERS

Sun, July 2, 2023 at 9:52 AM GMT+3

JERUSALEM, July 2 (Reuters) - Partners in the Israeli offshore gas project Leviathan said on Sunday they would invest $568 million to build a third pipeline that will allow increased natural gas production and exports.

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 new pipeline will connect the well with a production facility some 10 km off Israel's Mediterranean shore. It is due to come online in the second half of 2025, when production at Leviathan will jump to 14 bcm a year, the companies said.

Chevron considers gas exploration offshore Cyprus, Egypt and Israel - OFFSHORE TECHNOLOGY

April 19, 2023

US energy major Chevron is looking to explore for natural gas offshore Cyprus, Egypt and Israel to meet surging demand in the region and Europe, reported Reuters, citing two sources.

As part of this effort, the US company is seeking a drilling ship to support natural gas exploration work.

According to the sources, the company has issued a lease tender seeking a drilling vessel from potential companies in 2024, for a period of one year with an option to extend for several years.

A Chevron spokesperson said the company “remains committed to working together with the governments of Egypt, Israel and Cyprus and our partners in the region to support the growth of the east Mediterranean energy sector.

Energean on course to deliver first gas from Karish field in 2021 - OILFIELD TECHNOLOGY

Friday, 20 March 2020 16:00

Nicholas Woodroof

Energean Oil and Gas plc has announced its audited full-year results for the year ended 31 December 2019 (FY19).

Highlights

• Karish was 72% physically complete at 31 December 2019 and remains on track to deliver first gas in 1H21. Firm gas sales of 5 billion m3/yr with a further 0.6 billion m3/yr to be converted to a firm basis immediately on publication of a satisfactory Karish North CPR, expected at the end of March 2020.
• Post-period end, two of the three Karish development wells successfully flowed during clean-up operations, confirming that each will be capable of delivering up to the design limit of 300 mmscf/d (c.3 billion m3/yr). The third development well is currently in the clean-up phase and production performance is expected to be similar, confirming that the three wells will be able to produce to the 8 billion m3/yr capacity of the FPSO.

Leviathan rig foundations reach Israel - GLOBES

27 Jan, 2019 12:22
Sonia Gorodeisky

The Leviathan partners said that the Leviathan project was advancing as planned and on schedule.

After a month-long trip from Texas to Israel, the foundations for the Jacket drilling platform for the Leviathan natural gas reservoir have reached their destination in Israel's territorial waters about 10 kilometers off Israel's shore. A campaign has been waged recently to move the platform further offshore on grounds of alleged environmental damage.

The foundation legs will be placed on the sea bottom in the next week and set in place with huge stakes. Underwater specialists will use a crane ship and other vessels in the work.

Minister of National Infrastructure, Energy, and Water Resources Dr. Yuval Steinitz says that the arrival of the Leviathan platform base marks "the beginning of the last stage in development of the reservoir, the largest natural resource ever discovered in Israel.

Reaping the rewards of Egypt's reforms - PETROLEUM ECONOMIST

7 January 2019
David Butter

The Egyptian government is looking to 2019 as the year in which it will start to realise clear dividends from previously-enacted economic reforms. These have included changes to the petroleum regime that are already yielding benefits in the form of a rapid ramp-up in natural gas production. On the political front, one of the key issues will be whether President Abdel-Fattah el-Sisi prepares the ground to extend his mandate beyond 2022, when his second, and supposedly final, term is scheduled to end.

The $12bn IMF programme that commenced in November 2016 is now in its final year. The main elements have been putting in place a flexible exchange rate system, bringing down the fiscal deficit through increased taxation and cuts in energy subsidies, and seeking to improve the environment for private investment. The programme has also included social protection measures, in particular increases to food subsidies and the development of schemes targeting assistance at vulnerable groups.

The effects of the reforms, both positive and negative, have been evident in Egypt's main economic indicators. Real GDP growth has accelerated from 3–4pc to over 5pc, and the government is aiming for growth of 5.8pc in the fiscal year that ends in June 2019 and for 6.5pc the following year. These targets are achievable, partly thanks to the surge in gas output and the recovery of tourism, but the relatively weak rate of growth in private consumption is likely to persist, reflecting the pernicious impact of high inflation on living standards.