An aerial view taken from a helicopter shows the Leviathan natural gas rig off the coast of the Mediterranean coast, in northern Israel, April 26, 2023. (Credit: Amir Cohen/Reuters)
JERUSALEM — Partners in the Israeli offshore gas project, Leviathan, said on Sunday they would invest $568 million to build a third pipeline that will allow increased natural gas production and exports.
The new pipeline will connect the well in the deep waters of the eastern Mediterranean to a production facility some 10 km offshore. It is due to come online in the second half of 2025, when Leviathan's production will jump to 14 billion cubic meters (bcm) a year from 12 bcm, the companies said.
The Leviathan consortium includes Chevron (CVX.N) and Israel's NewMed Energy (NWMDp.TA) and Ratio Energies (RATIp.TA).
The project currently supplies Israel, Egypt and Jordan, and there are plans to sell gas to Europe as well.
"Expansion of the production capacity and future liquefaction via a designated liquefaction facility will allow us to supply more natural gas to the local, regional, and very soon also the global market," said NewMed CEO Yossi Abu.