TEL AVIV, Feb 23 (Reuters) - The partners in the Leviathan natural gas field said on Thursday they approved a $3.75 billion final investment decision (FID) in the first phase of the giant reservoir, the largest energy project in Israel’s history.
The reservoir, located 100 kilometres (62 miles) west of Haifa, was discovered in December 2010 and is one of the largest offshore natural gas discoveries in the world in the previous decade.
The project’s $3.75 billion budget is in addition to $1 billion that has already been invested to date in various exploration, appraisal and planning activities.
According to the development plan that was approved last year by the government, the project will be completed within less than three years and the gas from Leviathan will be available to the Israeli market by the end of 2019. (Reporting by Tova Cohen)