Partners in Leviathan Field Bid to Sell Gas to Cyprus

Source: Reuters 4/17/2014, Location: Middle East

The partners developing Israel's offshore Leviathan natural gas field are looking to sell gas through a pipeline to Cyprus, officials said.

The group has bid to supply Cyprus' state-run natural gas company, DEFA, between 0.7 to 0.95 billion cubic meters (bcm) of gas annually for up to 10 years, said Israeli conglomerate Delek Group, whose units Delek Drilling and Avner Oil hold key stakes in Leviathan.

The plan would be to build a pipeline from the field, which is located in the eastern Mediterranean between Israel and Cyprus, and supply DEFA with gas starting in 2016 or 2017, Delek said. The deal would last until 2022 or 2025.

Leviathan, discovered in 2010 by Delek, along with Texas-based Noble Energy and Ratio Oil, was the world's largest offshore find of the past decade. It holds an estimated 530 bcm of gas, much of which is earmarked for export.

Cyprus will makes its decision by Aug. 21, Delek said in a statement.

Israeli financial daily Globes reported that other bids have come from Dutch-owned oil trader Vitol, a group led by Azeri state oil company SOCAR, and a Greek consortium.

A source close to the Leviathan partners said they have a good chance of beating out the other bidders because they are the only ones able to supply gas through a pipeline, rather than more expensive liquefied natural gas (LNG).

Delek and Noble have made a few other sizeable discoveries in the area, including one in Cypriot waters, and are exploring options on how best to develop them for export. One idea that has been discussed is to build an LNG facility on Cyprus' coast.

"If Leviathan is chosen to supply gas to DEFA, it would potentially improve relations with Cyprus in the field of natural gas. If a pipeline is already being built, it might open new options," the source said.


Israel >>  5/26/2022 - Energean plc (LSE: ENOG) is pleased to provide an update on recent operations and the Group's trading performance in the 3-months to 31 March 2022. ...
Italy >>  5/26/2022 - Coro Energy Plc, the South-East Asian energy company focused on supporting the regional transition to a low carbon economy, provides an update on its ...

United Kingdom >>  5/26/2022 - Ithaca Energy Limited (IAECN: ISINs) announced its financial results for the three months ended 31 March 2022. ...
United States >>  5/26/2022 - Nostra Terra (NTOG), the international oil & gas exploration and production company with a portfolio of development and production assets in Texas, US...

Australia >>  5/25/2022 - - Rig contracted for well completions
- Frac operations ongoing after rainfall interruption
- Delays for capital equipment have been advise...

Equatorial Guinea >>  5/25/2022 - Panoro Energy ASA is pleased to report that working interest production for the first three months averaged 8,300 bopd, a new quarterly record for the...

Related Categories: Camp Building  Cleaning Equipment, Services  Communication  Corrosion Products/Services  Development  Exploration  Food Supplies  General  Labor Services  Land & Leasing  Mine Clearance  Oil & Gas Companies  Production  Service Companies  Skilled Labors  Transportation, 4X4 Trucks  Unskilled Labors  Utility Systems  Waste Disposal  Water Supply Services  Welding Products/Services 

Related Articles: Camp Building  Cleaning Equipment, Services  Communication  Corrosion Products/Services  Development  Exploration  General  Labor Services  Land & Leasing  Mine Clearance  Oil & Gas Companies  Production  Service Companies  Skilled Labors  Transportation, 4X4 Trucks  Utility Systems  Waste Disposal  Water Supply Services  Welding Products/Services 


Gulf Oil and Gas
Copyright 2021 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.