Leviathan partners approve development plan

The consortium behind the Leviathan field project offshore Israel has approved the development plan, according to Delek Group subsidiaries Delek Drilling Ltd. and Avner Oil Exploration Ltd.

Dec 13th, 2016

Offshore staff

TEL AVIV, IsraelThe consortium behind the Leviathan field project offshore Israel has approved the development plan, according to Delek Group subsidiaries Delek Drilling Ltd. and Avner Oil Exploration Ltd.

The partners aim to start production on the deepwater 22-tcf field by the end of 2019.

Management for Delek and Avner has been authorized to approve the final investment decision “as soon as possible,” in order to facilitate first gas by the agreed-upon timeline.

The Petroleum Commissioner in Israel’s Ministry of National Infrastructures, Energy and Water Resources approved theLeviathan development plan in June.

Noble Energy said that plan includes a subsea system that connects production wells to a fixed offshore platform with a tie-in onshore in the northern part of Israel. The fixed platform's initial capacity is anticipated to start at 1.2 bcf/d and is expandable to 2.1 bcf/d as sales contracts are solidified.

A budget of $119 million was approved for development through the end of January 2017.

A front-end engineering and design contract was awarded earlier this year to Wood Group Mustang.

Partners in the Leviathan field are Noble Energy Mediterranean (39.66%), Delek Drilling Ltd. (22.67%), Avner Oil Exploration Ltd. (22.67%), and Ratio Oil Exploration (1992) Ltd. (15.00%).

12/13/2016

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