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Israel's government approves the development of the Leviathan natural gas field, one of the largest offshore discoveries of the past decade.
- Noble Energy (NBL -0.4%), which holds a 40% stake in Leviathan, says the field would initially start production at 1.2B cf/day and expand to 2.1B cf/day; the field has an estimated 622B cm of reserves and is expected to become operational in 2019.
- The project had been opposed by opposition parties and public advocacy groups on grounds that NBL and its partner Delek Group (OTCPK:DGRLY) - which also own the adjacent Tamar field - would control too much of Israel's natural gas supply.
- Earlier this week, Leviathan signed a deal to supply up to 473B cf to a new private power plant for 18 years; NBL estimates gross revenue from the deal at $2.5B.