Gas Production From the Leviathan Field Remained Stable Despite Disruptions at Other Israeli Fields
Gas production at the offshore Leviathan field has remained stable, despite disruptions at other fields amid the conflict between Israel and Hamas in the Gaza Strip. This is stated in the reports for the 3rd quarter of 2023 published on November 29, 2023 by the Israeli company Ratio Energies, participating in the Leviathan project.
Leviathan is stable.
The Leviathan field continued to supply gas steadily throughout the escalation of the conflict. The volume of gas produced from the Leviathan field and sent to the local market has increased significantly against the backdrop of a reduction in gas exports to Egypt. As a result, the following were provided: 1) stable supply to local industry, primarily Israel Electric Corp. (IEC); 2) regular gas supplies to Jordan.
Ratio Energy CEO I. Landau emphasized that the Israeli energy sector has demonstrated its stability and its inherent surplus at the present time. The company also noted that partners in the Leviathan project have not yet experienced any negative impact on revenues and profitability. Meanwhile, Ratio Energy’s revenue for the third quarter of 2023 fell 10.8% year-over-year to $94.5 million, while profit fell 23.9% to $33.8 million.
Stop Tamar and EMG.
Shortly after the start of active confrontation between Israel and Hamas, on October 7, 2023, by order of the Israeli Ministry of Energy, production at the Tamar field was stopped. No such orders were issued regarding the Leviathan and Karish deposits. Gas exports to Egypt via the East Mediterranean Gas (EMG) gas pipeline, which is the main infrastructure for transferring gas from Israel to Egypt, were also stopped. At the same time, gas supplies from Israel to Egypt did not stop completely, but went through the gas transmission system (GTS) of Jordan in reduced volumes, which resulted in additional transportation costs for partners in the Leviathan project. Gas production at the Tamar field resumed on November 13, and on November 14, gas supplies to Egypt under the EMG international gas pipeline resumed.
Leviathan.
Leviathan is the largest offshore natural gas field in the Mediterranean and one of the largest producing assets in the region. The field is located 130 km from the coast west of Haifa, i.e. out of reach of Hamas. Project parameters: 4 production wells within phase 1A, production – 33 million m3/day or 12.4 billion m3/year, the field area is 330 km2, recoverable natural gas reserves are 619 billion m3.
The project partners are Chevron (operator, 39.7%), NewMed Energy (formerly Delek Drilling, 45.3%), Ratio Energies (15%).
Tamar.
The Tamar field is located closer to the coast of the Gaza Strip – the distance from the coast is 92 km, i.e. within range of Hamas rocket attacks. Project parameters: 6 production wells, production – 28 million m3/day or 10.25 billion m3/year, initial recoverable natural gas reserves are 307 billion m3.
Project partners are Chevron (operator, 25%), Isramco (28.75%), Tamar Petroleum (16.75%), Mubadala Energy (11%), Tamar Investment 2 (11%), Dor Gas (4%) , Everest (3.5%).
