JERUSALEM (Reuters) – Israel’s offshore Leviathan field will sell about $ 1.7 billion of natural gas in 2021, or about 10 billion cubic meters (BCM), about 12% more than previously expected, said Delek Drilling Wednesday.
They had previously estimated sales below 9 billion BCM this year.
Delek Drilling is a partner with Chevron in Leviathan, Israel’s largest gas field, which went online in late 2019 and delivers gas to Israel, Jordan and Egypt.
“The continued increase and stability in gas exports to Egypt, coupled with increased demand in the domestic market, has led us to increase the outlook for sales and output from the Leviathan reservoir,” said CEO. Delek Drilling Yossi Abu.
The company said the total resource valuation for the reservoir is, at best estimate, around 642 BCM, not including some of the 7 BCMs issued last year. The value of the range rose 2.3% from a resources report last year to reach $ 10.8 billion.
Delek Drilling, which has a 45.34% stake in the project, said its revenue share will be around $ 760 million.
The field’s operator, Noble Energy Mediterranean, has a 39.66% stake acquired by Chevron last year. Ratio Oil has the remaining 15%.
Reciting with Ari Rabinovitch; Edited by Steven Scheer