JERUSALEM Dec 12 The Israeli partners in the
Leviathan gas field said on Monday they approved a development
plan for the field with a target production date for the end of
The plan, the group said in a statement to the Tel Aviv
Stock Exchange, includes a first stage development for
production of about 12 billion cubic meters (bcm) a year at a
cost of $3.5-4 billion.
The Israeli partners in Leviathan, one of the world's
biggest offshore natural gas discoveries of the past decade,
include Delek Drilling and Avner Oil, each
with a 22.67 percent stake, and Ratio Oil with a 15
A final investment decision in the project will also require
approval from the field's operator, Texas-based Noble Energy,
which has a 39.66 percent share.
With estimated reserves of 621 bcm, the Leviathan partners
have signed an export deal in Jordan and are exploring the
possibility of selling gas in Egypt, Turkey and Europe.
The group last month signed commitment letters with HSBC and
J.P. Morgan for up to $1.75 billion of financing for the A1
development stage of the project.
(Reporting by Ari Rabinovitch; Editing by Steven Scheer)