Leviathan partners in Israel to invest $568 million in 3rd gas pipeline (updated)

1CM

02/07/2023 07:52

(Adds details, quote)
       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.
        The new pipeline will connect the well in deep waters of
the eastern Mediterranean to a production facility some 10 km
off shore. It is due to come online in the second half of 2025,
when production at Leviathan will jump to 14 billion cubic
meters (bcm) a year from 12 bcm, the companies said.
    The Leviathan consortium includes Chevron  CVX.N  and
Israel's NewMed Energy  NWMDp.TA  and Ratio Energies  RATIp.TA .
The project currently supplies Israel, Egypt and Jordan, and
there are plans to sell gas to Europe as well.
    "Expansion of the production capacity and future
liquefaction via a designated liquefaction facility will allow
us to supply more natural gas to the local, regional, and very
soon also the global market," said NewMed CEO Yossi Abu.

 (Reporting by Ari Rabinovitch
Editing by Steven Scheer)
 ((ari.rabinovitch@thomsonreuters.com;  +972-2-632-2202; Reuters
Messaging: ari.rabinovitch@thomsonreuters.com@reuters.net))