Israel’s offshore Leviathan field will sell about $1.7 billion of natural gas in 2021, or around 10 billion cubic meters (Bcm), about 12% more than previously forecast, Delek Drilling said on March 10.
It had previously estimated sales below 9 Bcm this year.
Delek Drilling is a partner with Chevron in Leviathan, Israel’s largest gas field, which came online the end of 2019 and supplies Israel, Jordan and Egypt with gas.
“The continued rise and the stability in the actual export of gas to Egypt, alongside the increased demand in the domestic market, has led us to increase the forecast for sales and production from the Leviathan reservoir,” said Delek Drilling CEO Yossi Abu.
The company said that the total resource evaluation for the reservoir is, in the best estimate, around 642 Bcm, not including some 7 Bcm produced last year. The value of the field rose 2.3% since a resources report last year to reach $10.8 billion.
Delek Drilling, which has a 45.34% stake in the project, said its share of revenue will be around $760 million.
The field’s operator, Noble Energy Mediterranean, which was acquired by Chevron last year, has a 39.66% stake. Ratio Oil holds the remaining 15%.
Recommended Reading
Trinasolar Develops Tandem Solar Module That Exceeds 800W
2025-03-28 - The 3.1-sq-m module was made with perovskite/silicon tandem solar cells, Trinasolar says.
Woodside Divests Greater Angostura Assets to Perenco for $206MM
2025-03-28 - The Greater Angostura field produces approximately 12% of Trinidad and Tobago’s gas supply, said Woodside CEO Meg O’Neill in a press release.
Phillips 66 Director Criticizes Activist Investor Elliott Amid Proxy Battle
2025-03-28 - A boardroom battle between U.S. refiner Phillips 66 and activist investor Elliott Investment Management has intensified with a Phillips 66 independent director leveling criticisms at Elliott in an open letter to shareholders.
Glenfarne Deal Makes Company Lead Developer of Alaska LNG Project
2025-03-28 - Glenfarne Group LLC is taking over as the lead developer of the Alaska LNG project with the acquisition of a majority interest in the project from Alaska Gasline Development Corp.
Mentor Buys Diamondback-Operated Royalty Acres in Permian
2025-03-28 - Mentor Capital Inc. has purchased a 25.127 net royalty acre stake in West Texas’ Permian Basin.