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Page added on December 8, 2013
Leviathan gas only in late 2017
Keith Elliott says that the Leviathan gas field will cost $8 billion to develop and is confident of finding oil in the region.
Development of the Leviathan natural gas field will cost $8 billion and production will begin in late 2017 said Noble Energy Inc. (NYSE: NBL) EVP Eastern Mediterranean Keith Elliott at the “Globes” 2013 Israel Business Conference. “Leviathan is our next major project in Israel.”
Elliott continued, “Leviathan will be developed in stages, a domestic component and an export component. The expected cost of developing the field is $8 billion, and we’ll start production in late 2017, a year behind our initial estimate. The reasons for this are known, such as Israel’s export policy. We need an environment that supports investment. We intend to develop Leviathan as fast as we can, and we’re confident that the challenges will be solved. We’re committed to working with our Israeli partners and the Israeli government.”
Commenting on the potential of oil at Leviathan, Elliott said, “We’ve been working in the Mediterranean since 1998, and we have an ongoing work plan between Israel and Cyprus. We think that there is a strong probability of an oil discovery in this region.”
As for the Tamar gas field, Elliott said, “The Tamar discovery should generate more than $30 billion for the Israeli economy. Tamar’s performance has been outstanding. Within three days of the start of operations in March, we reached the field’s full output. Noble Energy considers Tamar as its most important investment in Israel; what we owe Israel… We’re expanding Tamar for the next stage, a compressor at Ashdod. A project like Tamar is technically complex, and there are challenges, such as bringing the gas ashore, government intervention in our sale contracts, and so on.”
Elliott added, “We’re continuing to drill and explore in Cyprus. We’ve completed the assessment for Block 12. We’re planning its development. Finally, I wish to say that our goal is to supply energy to the world and improve people’s lives. We believe that there is great potential in the Levant basin.”
Published by Globes [online], Israel business news – www.globes-online.com –
6 Comments on "Leviathan gas only in late 2017"
Luke on Sun, 8th Dec 2013 8:58 pm
“Finally, I wish to say that our goal is to supply energy to the world and improve people’s lives.”
More carbon print, droughts, floudings, increasing typhone and hurricane destuctive power, acidification of the oceans and rising of ww temperatures…improvings lives???
The desert in Israel could better be paved with millions of solar cells to really improve live of all in the ME and around without too much carbon print.
The wise people came from the East we learned or not?
BillT on Mon, 9th Dec 2013 2:15 am
“… that our goal is to supply energy to the world and improve OUR BOTTOM LINE. We HOPE AND PRAY that there is great potential in the Levant basin …”
More petro porn… Four years from now is forever in today’s world. Nothing is certain except our own deaths, eventually. Anything else is guessing.
jmm on Mon, 9th Dec 2013 12:06 pm
steelt de israel nu niet het gas wat eigelijk van de palesteinen is?
rockman on Mon, 9th Dec 2013 12:50 pm
“The desert in Israel could better be paved with millions of solar cells to really improve live of all in the ME and around without too much carbon print.”
As could be said about the USA. Leading by example is often very successful. With the US being the largest consumer of NG on the planet our example appears to be working.
GregT on Mon, 9th Dec 2013 6:08 pm
Merrian Webster definition of Leviathan:
a: often capitalized : a sea monster defeated by Yahweh (God) in various scriptural accounts
b: capitalized : the political state; especially : a totalitarian state having a vast bureaucracy
How fitting.
J-Gav on Mon, 9th Dec 2013 10:17 pm
Jmm – Ya, natürlich dass wird noch ein grosses Problem sein. Wenn es nur das einzige wäre …