Sunday, May 24
Latest News
  1. UN: Iranian aid cargo boat for Yemen offloaded in Djibouti
  2. Commanders: Iraq forces attack IS east of Ramadi
  3. Leading 'No' figure concedes in Irish gay marriage vote
  4. Saudi-led coalition pounds Yemen rebels in three cities
  5. Police: 3 killed by two grenades in Burundi capital
  6. Official: 39 dead in Mexico clash between police, armed civilians
  7. US Senate approves fast-track trade authority for Obama
  8. Senate blocks bill that would end US bulk data dragnet
  9. Official: Turkey arrests French citizen bound for Syria
  10. Priest 'kidnapped in Homs' region of Syria
  11. Saudi-led coalition pounds Yemen rebels in three cities
  12. Over 55,000 have fled IS-captured Ramadi since mid-May
  13. President: death toll in anti-FARC air strike in Colombia rises to 26
  14. Dutch cabinet backs partial Islamic burqa ban
  15. Iran: Nuclear talks to resume Tuesday in Vienna
  16. UK's Cameron says 'confident' of securing EU reform deal
  17. Huge blasts outside Sanaa after coalition air raids
  18. Monitor: Rebels seize hospital holding 150 Syrian soldiers
  19. Blast hits Shiite mosque in eastern Saudi
  20. US envoy urges Myanmar Rohingya 'citizenship' to end exodus

Israel to export gas this decade, developers seek expert partner

Nov. 15, 2012 1:56 A.M. (Updated: Nov. 15, 2012 1:56 A.M.)
TEL AVIV, Israel (Reuters) -- Israel, once energy poor, is expected to become a gas exporter by the end of the decade and the companies developing its huge offshore Leviathan find are about to pick a fourth partner to gain the crucial know-how.

A number of foreign firms have been in a bidding war for the fourth stake in the Leviathan field, where an estimated 17 trillion cubic feet (tcf) of gas made it the world's largest offshore discovery of the past decade when it was found in 2010.

"A decision will be made by the end of the year," said Yigal Landau, CEO of Ratio Oil Exploration, which is a partner in the US-Israeli consortium developing the field.

"More important is the knowledge and expertise the company brings, especially to the 'midstream'," Landau told Reuters, referring to the construction of an underwater pipeline and a liquefied natural gas terminal.

"Long term, that will pay off more than if some other candidate comes and says they are willing to value Leviathan at an additional billion dollars in the short term," he said.

Until now the consortium has revealed little about the decision making process.

In a statement to the Tel Aviv Stock Exchange last month, the Leviathan partners said Australia's Woodside Petroleum had submitted a bid to purchase a stake of up to 30 percent. Israeli financial newspaper Globes listed Russia's Gazprom as another leading contender.

Experts have valued Leviathan at between $5 and $7.5 billion at this stage. Texas-based Noble Energy has a 39.66 percent share of the field. Israel's Delek Group, through two subsidiaries, holds 45.34 percent and Ratio has the remaining 15 percent.

Leviathan, where production is expected to begin for the domestic market in 2016 and around 2018 for export, will be connected both to Israel and Cyprus, Ratio's Landau said.

Nearby Cyprus in the eastern Mediterranean, with its own newly found gas, is likely to provide the liquefaction facilities Israel could use to reach export markets by ship. Some analysts say future possibilities also include a Red Sea terminal so it can target Asian markets.
Powered By: HTD Technologies
Ma'an News Agency
All rights reserved © 2005-2015