Sharon Wrobel
Energy firms to invest $673 million in boosting gas production to meet growing demand in Israel and neighboring countries
US energy giant Chevron and its partners in the Tamar natural gas reservoir off Israel’s Mediterranean coast announced Thursday that they have okayed a final investment decision (FID) needed to proceed with the first phase of expanding natural gas production to meet growing domestic demand and boost exports to Egypt.
As part of the FID, the partners in the Tamas natural gas rig, located some 90 kilometers (55 miles) west of Haifa, are expected to invest some $673 million in a project expanding gas production from the offshore field.
Chevron provided details of a two-stage plan aimed at expanding production to about 1.6 billion cubic feet (BCF) of natural gas from the Tamar field to meet Israel’s energy needs and export gas to Egypt and neighboring countries.
