The Israeli gas company NewMed Energy, alongside its partners Ratio (Israel) and Chevron (US), has approved US$96.5m of spending to develop a new floating LNG terminal and to expand production at the Leviathan gas field, located off the coast of Israel. The partners will spend US$51.5m on the development of a 4.6 Mt/year (6.5 bcm/year) floating LNG terminal in Israel and US$45m to expand production of the field from 12 bcm/year to 21 bcm/year.
The Leviathan gas field, a deep-sea field with recoverable reserves estimated at 600 bcm, came online at the end of 2019 after being discovered in 2010. NewMed Energy owns 45.34% of the Leviathan project, while Chevron Mediterranean owns 39.66% and Ratio Energies 15%.
In 2022, Israel, Egypt and the European Union signed a memorandum of understanding for Israeli gas to be sent to Europe through LNG plants in Egypt. Israel’s gas production increased rapidly from around 3 bcm in 2010 to 16 bcm in 2021 (16%/year on average).