Backers of Israel’s massive Leviathan natural gas field on Sept. 26 signed a $10 billion deal to supply 1.6 trillion feet (Tcf) of gas to Jordan's National Electric Power Company.
“Subject to regulatory approvals from Israel and Jordan, sales ...are anticipated to commence at field startup,” said Texas-based Noble Energy, the project’s operator.
Talks on the contract began more than two years ago.
The 15-year deal for Leviathan, which holds an estimated 22 Tcf of gas, should help the U.S.-Israeli group secure funds to bring it online.
Production is expected to begin around 2019 or 2020.
The Leviathan group has also been in talks to export much larger quantities of gas to companies in Egypt.
Shares in the Israeli partners—which include Ratio Oil , Delek Group and its subsidiaries Avner Oil and Delek Drilling—were halted by the Tel Aviv Stock Exchange for more than a half hour.
Leviathan, discovered in the eastern Mediterranean in 2010, is one of the world’s largest offshore gas discoveries of the past decade.
Last year, Israel approved plans for a 15.5-km (9.6-mile) pipeline near the Dead Sea to export gas to Jordan.
2022-10-07 - Interior’s Bureau of Land Management said it was seeking public input for 30 days on a plan to offer 251,086 acres in Wyoming and 10,124 acres in New Mexico to oil and gas companies.
2022-10-07 - In the new licensing round, the North Sea Transition Authority (NSTA) is offering 898 blocks, encouraging applications, especially for the southern North Sea where hydrocarbons are close to existing infrastructure allowing for swift development.
2022-10-06 - Chevron remains committed to Venezuela, the company’s head of international E&P told Hart Energy. This, as a report from the Wall Street Journal points to an easing of U.S. sanctions.
2022-10-06 - Berry Corp. has a market value of about $669 million, based on its closing price on Oct. 5, and holds long-term debt worth $395 million as of June 30.
2022-10-06 - Oil industry leaders on an Oct. 6 call urge the Biden administration to quickly approve all 11 potential offshore lease sales in the 2023-2028 proposed plan for the Outer Continental Shelf.