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February 15, 2017 9:02 am

Noble Energy to Invest $550 Million in Israel’s Leviathan Gas Field

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A gas processing rig near the southern Israeli coast of Ashkelon on Sept. 2, 2015. Photo: Flash90.

A gas processing rig near the southern Israeli coast of Ashkelon on Sept. 2, 2015. Photo: Flash90.

JNS.org – The American production company Noble Energy is expected to announce an investment of $550 million in the development of Israel’s Leviathan gas field, according to a company 2017 Outlook and Guidance Report published Monday.

Noble Energy President and CEO David Stover said in the report, “We have a tremendous opportunity with the Leviathan project offshore Israel. In 2017, our teams will begin project development, with first gas targeted for the end of 2019. I have no doubt that our outstanding track record of major project execution will again deliver substantial value to the company.”

The  $550 million represents one-fifth of the company’s global investments of $2.3 to 2.6 billion for 2017.

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The report also said, “Capital expenditures in the Eastern Mediterranean for the initial development of the Leviathan project include drilling one production well, long-lead investment items, and ramp up of construction activities. The company will also complete an additional production well at Tamar [gas field], which was drilled in the fourth quarter of 2016.”

Israel is currently engaged in discussions with Turkey, Cyprus, Greece and Italy over the possibility of exporting its natural gas via underwater pipelines.

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