Metal & Oil & Gas News – Nctv.net
Image Source: ET Energy World
One of the partners in the project said that an underwater gas pipeline connecting Israel’s massive offshore gas field Leviathan to Turkey could be built within four years.
Israel has been pursuing several regional export deals for its newfound gas reserves and the Leviathan group is moving ahead with development plans since making its final $3.75 billion investment decision last week.
Yossi Abu, chief executive of Delek Drilling and Avner Oil, said a new 500 km (300 mile) pipeline could have gas flowing to Turkey by the end of 2020, about a year after it comes online for the Israeli market.
Mr Abu said that “This is the target.”
Leviathan, one of the largest offshore discoveries of the past decade, was found off Israel’s Mediterranean coast in 2010. It has an estimated 622 billion cubic metres (BCM) of gas reserves and is expected to become operational in 2019.
Delek Drilling and Avner, subsidiaries of Israeli conglomerate Delek Group, each have a 22.67 percent stake in Leviathan. Texas-based Noble Energy has 39.66 percent and Ratio Oil has the remaining 15 percent.
Mr Abu said that additional export destinations being discussed are Egypt, Europe and the Palestinian territories, including power plants in the Gaza Strip and West Bank.
Source : REUTERS
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