DKDRF - Chevron Leviathan partners to add third pipeline to boost production
2023-07-03 06:54:54 ET
Chevron ( NYSE: CVX ) and its Israeli partners in the Leviathan project off the coast of Israel said Sunday they agreed to spend ~$568M to build a third pipeline to boost production from the gas field .
The companies said the third pipeline will raise Leviathan's production capacity from ~12B cm/year to nearly 14B cm/year, with first gas flows to start in H2 2025; in the longer-term, production is expected to reach 21B cm/year.
The Leviathan consortium, which includes operator Chevron ( CVX ) and Israel's NewMed Energy ( OTCPK:DKDRF ) and Ratio Energies, plans a floating liquefied natural gas terminal off the Israeli coast with an LNG capacity of ~6.5B cm/year.
The field supplies the Israeli gas market as well as Jordan and Egypt, and the partners said they are expanding the project to serve customers in Europe and Asia.
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Chevron, Leviathan partners to add third pipeline to boost production