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).
Interested in LNG Databases?
World LNG Database offers a complete set of data on LNG markets. The service provides detailed information on existing and planned liquefaction and regasification plants. It also includes LNG shipping around the world, LNG contracts, time series on regasification and liquefaction capacities, LNG flows and LNG prices for all players in the market.