By far the East Mediterranean’s largest gas discovery is Israel’s 22 tcf Leviathan field. Operator Noble Energy (39.66%) and Israeli partners Delek (45.34%) and Ratio Oil (15%), last month submitted a $6.5bn Phase-1 development plan to Israel’s Energy Ministry (MEES, 24 October). This envisages production via a 16 bcm/year (1.6bn cfd) floating production and storage vessel (FPSO) with gas piped from there to Israel, Palestine, Jordan and via BG’s largely unused 7.2mn tons/year Idku LNG plant in Egypt.
However, while the consensus is that given Leviathan’s size and its relative proximity to markets, it will definitely be developed at some stage, the unfortunate truth is that Noble and its partners have only secured one firm sales deal, and this with the Palestinian Authority for a puny 23mn cfd. (CONTINUED - 770 WORDS)