SEATTLE (Oil Monster): Chevron Corporation, along with its exploration partners for the Leviathan offshore natural gas field in Israel, has proposed investment of multi-million dollars in a floating liquefied natural gas (FLNG) platform. The move is expected to provide significant boost to East Mediterranean gas exports to the European countries.
The partnership had recently approved plans to spend $96.4 million on pre-front-end engineering. The Phase 1B project is expected to boost production from current levels of 12 billion cubic meter/year (Bcm/y) to 21 Bcm/y. A final investment decision for the FLNG platform is expected in 2024.
According to Sally Jones, spokesperson for Chevron, the investment is in line with its ongoing support to Israel’s strategy to develop its vast energy resources for the benefit of the country and the region.
The main partner of the Leviathan project is NewMed Energy NWMDp.TA, which holds 45.34% share, followed by Chevron and Ratio Energies with stakes of 39.66% and 15% respectively.
The construction of the FLNG platform will enable the partnership to market gas from Leviathan gas field to the global market, in addition to existing markets including Egypt, Israel and Jordan.
| Forozan Blend | 75.61 | |
| Iran Heavy | 75.71 | |
| Iran Light | 77.66 | |
| Forozan Blend | 63.07 | |
| Iran Heavy | 62.92 | |
