February 23, 2017 / 12:12 PM / 5 months ago

BRIEF-Noble Energy sanctions Leviathan project offshore Israel

2 Min Read

Feb 23 (Reuters) - Noble Energy Inc

* Noble Energy sanctions Leviathan project offshore Israel

* Noble Energy inc - sanctioned first phase of Leviathan natural gas project offshore Israel, with first gas targeted for end of 2019

* Estimates gross capital for phase one of Leviathan development will be $3.75 billion ($1.5 billion net to noble energy)

* Co can fund phase one of Leviathan through tamar operating cash flows as well as eastern mediterranean portfolio proceeds

* Company is also securing access to a financing facility for additional funding flexibility

* Noble Energy and partners anticipate drilling one to two Leviathan development wells in 2017

* Completion activity for all four producer wells, including two previously drilled, is anticipated in 2018

* Expects to complete project installation and initiate commissioning in q4 of 2019, with delivery of first gas targeted for end of 2019

* Company's targeted sales volumes are 1 bcf/d gross at startup of leviathan project

* Operating cash flow for first year following startup of Leviathan project is projected to be at least $650 million net Source text for Eikon: Further company coverage: (Bangalore.newsroom@thomsonreuters.com)

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