Leviathan Partners To Invest $568M in New Pipeline for Increased Israeli Gas Exports
Partners in Israel’s offshore Leviathan gas project announced on Sunday that they would invest $568 million to construct a third pipeline to boost natural gas production and exports. The deep-sea field, Leviathan, became operational at the end of 2019 and currently produces 12 billion cubic meters (bcm) of gas annually for Israel, Egypt, and Jordan. With the new pipeline, there are plans to increase capacity for significant volumes for Europe, aiming to lessen its dependence on Russian energy.
The consortium, including Chevron, NewMed Energy, and Ratio Energies, plans for the pipeline to link the well to a production facility about 10 km off Israel’s Mediterranean coast. The pipeline is projected to be operational by the second half of 2025, increasing Leviathan’s production to 14 bcm a year.
NewMed’s CEO, Yossi Abu, noted that the expansion would allow the consortium to supply more natural gas to local, regional, and soon, global markets. Long-term projections expect Leviathan to yield approximately 21 bcm annually. A floating liquefied natural gas terminal off the Israeli coast is also in the works.
