Tamar gas field

The Israeli partners in the Leviathan gas field said on Dec. 12 they approved a development plan for the field with a target production date for the end of 2019.

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 main Israeli partners developing the large Leviathan natural gas site said on Nov. 27 they signed commitment letters with HSBC and J.P. Morgan for up to $1.75 billion (1.65 billion pounds) of financing.

Delek Drilling and Avner Oil Exploration said the funds would go towards the A1 development stage of the project.

Israel has invited bids for 24 new offshore oil-and-gas exploration licenses it hopes will bring more major finds in the Mediterranean as it strives to become an energy exporter. "We are offering for exploration half of our economic waters in 24 blocks," Energy Minister Yuval Steinitz said, announcing the offer which closes on April 21.

Greece, Greek Cyprus and Israel said on Sept. 28 they would pursue ways of channeling east Mediterranean gas to Europe via a pipeline to Greece.With significant finds reported in the past decade, Israel and to a lesser extent Greek Cyprus are thought to be sitting on vast quantities of natural gas wealth, but have yet to come up with concrete plans on how to export it.

Israel is looking to exploit its substantial natural gas reserves with two potential pipeline projects to Turkey and Greece, its Energy Minister Yuval Steinitz announced Feb. 7.

Partners in Israel's Leviathan natural gas field could reach a final investment decision by the end of 2016 if government and regulatory approvals are granted as hoped, an official of the companies involved said.

That would enable the first gas from the field to reach markets by the last quarter of 2019, Bini Zomer, the Israel country manager for Noble Energy, said on Jan. 31.

The partners in the Leviathan natural gas find off Israel's Mediterranean coast signed a deal to sell about $1.3 billion worth of gas over 18 years to Edeltech Group and its Turkish partner for power plants they plan to build in Israel.

Israel's government has given the go ahead to begin exporting natural gas to Egypt, signaling a potential improvement in relations between two countries which have been at loggerheads over energy supplies.

The Israeli government on Aug. 16 approved a major deal with a consortium including US firm Noble Energy on natural offshore gas production in the Mediterranean, the prime minister's office said.

Greek Cyprus announced on June 7 that offshore reserves in its Aphrodite gas field have been pronounced commercially exploitable, the first such development in four years of energy exploration.