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Giant Leviathan Gas Field Gets $3.75B Development Investment

Natural Gas

The partners in the giant Leviathan natural gas field offshore Israel ratified on Thursday the final investment decision for the first phase of development which entails gross capital investment of US$3.75 billion.

Houston-based Noble Energy – which operates Leviathan with a 39.66-percent working interest – said today that it had sanctioned the first phase of the project, targeting first gas sales for the end of 2019. The initial development of the Leviathan field, which contains 22 trillion cubic feet of gross recoverable natural gas resources, will include four subsea wells, each capable of flowing more than 300 million cubic feet per day of natural gas.

Noble Energy’s share of the US$3.75-billion phase one investment is US$1.5 billion.

Noble Energy and its partners expect to drill one to two Leviathan development wells this year. Completion activity for all four producer wells, including two previously drilled, is planned for 2018. The partners expect to complete project installation and start commissioning in the fourth quarter of 2019, with delivery of first gas targeted for the end of 2019.

“Operating cash flow for the first year following startup is projected to be at least US$650 million net and full project payout is expected within 3 years following startup at target volumes”, Noble Energy said.

Related: Oil To $70? Or Down To $30?

Israel’s Delek Group, whose subsidiary Delek Drilling…

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