Israel's NewMed gas group to build facility in East Med
The move comes as Israel is seeking to export more gas to Europe.
Israel’s NewMed Energy announced on Tuesday plans to boost gas exports to global markets from the Leviathan field in the eastern Mediterranean.
The company said it wants to construct along with its partners a floating liquified natural gas facility with an annual production of 4.6 tons of liquified natural gas. The purpose of the facility will be to boost gas sales to “global markets” as well as to Israel’s domestic supply, according to the letter NewMed Energy sent to the Israel Securities Authority and the Tel Aviv Stock Exchange.
NewMed Energy also announced its consortium approved around $96.4 million of additional spending to expand its gas production by 9 billion cubic meters (bcm) per year to a total of 21 bcm, according to the letter.
NewMed Energy owns a 45.34% stake in the Leviathan gas reservoir off the coast of Israel. The US energy giant Chevron owns a 39.66% stake while the rest is held by Israel’s Ratio Energies.
