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2016-05-23 20:35:00

LEVIATHAN APPROVED

LEVIATHAN APPROVED

 

LEVIATHAN ISRAEL GAS FIELD

 

May 22 Israel has approved a deal it hopes will fast-track development of the huge Leviathan offshore natural gas field and end years of regulatory uncertainty that has stifled the country's nascent oil and gas industry.

The Leviathan project hit a major obstacle in March when Israel's Supreme Court blocked a previous agreement that bound the state to the terms of the deal for 10 years. The agreement had meant the government would be committed not to change taxes, export quotas or other regulation.

On Wednesday Energy Minister Yuval Steinitz announced a new deal that gives the state more leeway while offering enough stability for the Leviathan partners, Texas-based Noble Energy and Israel's Delek Group, to resume investments.

The deal was approved on Sunday at the weekly cabinet meeting. Steinitz hopes the new phrasing, which allows future governments to decide if policies need to be changed, will stave off other court objections.

Leviathan, one of the largest offshore discoveries of the past decade, was found in the eastern Mediterranean in 2010 and has been mostly earmarked for exports.

The court's objection also rattled the broader exploration sector where companies have been waiting to see how the saga plays out before investing in new offshore drilling.

"After a delay of six years, the revised stability clause will allow not only the advancement of Leviathan's development, but also open the sea to exploration for new gas fields, and ensure Israeli gas exports to neighboring countries and Europe," Steinitz said.

Yossi Abu, chief executive of Delek subsidiaries Delek Drilling and Avner Oil, said the government approval gives "tremendous tailwind to our continued activity to promote the development of Leviathan, in order for Israeli gas to flow from the reservoir by the end of 2019".

Officals at Noble were not available for immediate comment.

reuters.com

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Earlier: 

NOBLE NET LOSS $287 MLN 

RUSSIA & ISRAEL GAS TALKS 

ISRAELI GAS DECISION 

ISRAEL & RUSSIA COLLABORATION 

ISRAEL'S GAS POLICY 

ISRAEL MAKES GAS 

ISRAEL: GAS IS A KEY 

LEVIATHAN: $15 BLN 

ISRAELI GAS FOR EGYPT 

 

 

 

Tags: LEVIATHAN, GAS, ISRAEL

Chronicle:

LEVIATHAN APPROVED
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U.S. - EXXON - RUSSIA SANCTIONS

BLOOMBERG - Treasury Secretary Steven Mnuchin told a Texas judge that Exxon Mobil Corp. doesn’t have a right to see privileged documents related to a $2 million fine assessed against the energy company for violating sanctions related to Russia’s 2014 invasion of Ukraine.

LEVIATHAN APPROVED
2018, July, 12, 10:15:00

NORWAY'S OIL PRODUCTION: 1.747 MBD

NPD - Preliminary production figures for June 2018 show an average daily production of 1 747 000 barrels of oil, NGL and condensate, which is an increase of 88 000 barrels per day compared to May.

LEVIATHAN APPROVED
2018, July, 12, 10:10:00

NOVATEK'S PRODUCTION: +2.4%

NOVATEK - In the first half 2018, NOVATEK’s hydrocarbons production totaled 264.3 million barrels of oil equivalent (boe), including 32.93 billion cubic meters (bcm) of natural gas and 5,864 thousand tons of liquids (gas condensate and crude oil), resulting in an increase in total hydrocarbons production by 6.3 million boe, or by 2.4%, as compared to the first half 2017.

LEVIATHAN APPROVED
2018, July, 11, 09:35:00

OIL PRICE: NEAR $78 YET

REUTERS - Brent crude futures LCOc1 were down 75 cents, or 1 percent, at $78.11 a barrel by 0308 GMT, having fallen as low as $77.60. U.S. crude CLc1 was down 55 cents, or 0.7 percent, at $73.56.

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