Israel to start pumping gas from Leviathan, making country an energy powerhouse

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Title : Israel to start pumping gas from Leviathan, making country an energy powerhouse
Link : Israel to start pumping gas from Leviathan, making country an energy powerhouse

Natural gas is set to start flowing from the massive Leviathan field off Israel’s shore any day now, an economic milestone for the country that will pave its way to “energy independence” and, via exports, to stronger ties with its neighbors.

Commercial production of natural gas from the field is set to begin before year’s end for the local market, with exports starting shortly thereafter. On Monday, Energy Minister Yuval Steinitz signed permits for the export of gas to Egypt, the ministry said in a statement. “This is a historic milestone for the State of Israel,” Steinitz said.

With the flow of the gas, “Israel will reach energy independence, and become an exporter of gas,”said George Hatfield, VP of Major Projects at Noble Energy, at an energy conference in Tel Aviv earlier this month, when the Leviathan partners confirmed that commercial supply would start “within two to three weeks.”

“These are exciting times for Israel,” Hatfield added.

Located in the Mediterranean Sea 125 kilometers (77 miles) west of Haifa, the Leviathan field is estimated to hold 22 trillion cubic feet of recoverable natural gas, and a potential half a million barrels of oil, according to estimates provided by the partners in the field.

“The start of the flow of gas from Leviathan is a significant event for Israel,” said Terence Klingman, chief investment officer at the Heritage Family Office Partners Ltd., which advises wealthy families on where to invest their funds. Klingman is also a former head of sell-side research at Psagot Investment House, an institutional investor.

The gas supply will help phase out expensive and polluting imported coal, he said, and allow for exports. This will lower energy costs, making Israeli industries more competitive, and bring in revenue from the sale of gas to neighboring countries, boosting the country’s current account, an important indicator of an economy’s health, he said.

Houston-based Noble Energy Inc. and its partners in Leviathan — including Delek Drilling LP, a unit of the Delek Group Ltd., and Ratio Oil Exploration 1992 LP — discovered the field, one of the largest deep-water natural gas finds in the world, in 2010. The project is the largest funded by private capital in Israel’s history. READ MORE