The partners at Israel’s 22.3tcf Leviathan gas field will have until 30 October to meet conditions to approve the $35bn, 130bcm gas deal to Egypt (MEES, 8 August). Initially, operator US major Chevron (39.66%) and its Israeli partners, NewMed Energy (45.34%) and Ratio (15%) set a deadline of 30 September to meet certain conditions for the deal to go ahead. There has been progress on these measures since the deal was announced on 7 August, but more work is required.
The first condition requires the partners to take a final investment decision (FID) on expansion of Leviathan to 2.1bn cfd. On 21 August Israel’s energy ministry approved the partners development plan, paving the way for FID on expansion; this will need to be taken before the end of the month (MEES, 22 August). (CONTINUED - 968 WORDS)
