Chevron Restarts Leviathan Gas Field in Mediterranean Sea

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Written by Daniel Graeber for IIR News Intelligence (Sugar Land, Texas)

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Summary

Israeli authorities have approved the restart of the offshore Leviathan gas field, which has been idled since fighting in the Middle East began in February. Shortly after the approval, the Israeli military bombed one of Iran's major offshore gas fields.

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Gas Back on the Market

Gas markets may be getting a breather soon after a Chevron-led group said it was resuming operations at the giant Leviathan gas field in the Mediterranean Sea for the first time since fighting began in the Middle East.

NewMed Energy, a member of the Chevron-led consortium steering developments offshore Israel, said Friday that operations have resumed at the Leviathan field, among the region's largest.

The operators "received a notification from the (Israeli) Petroleum Commissioner at the Ministry of Energy and Infrastructure, according to which all preparations required for the resumption of operations of the Leviathan platform may be carried out," according to a message from NewMed to the Israel Securities Authority.

The field was closed down on February 28 after joint U.S.-Israeli military action on Iran triggered broader fighting in the Middle East that put energy production in the cross-hairs. Iran has since targeted regional suppliers in retaliation, including Qatar, one of the world's largest exporters of liquefied natural gas (LNG) in the world.

Subscribers to Industrial Info's Global Market Intelligence (GMI) Oil & Gas Production Plant Database can learn more about Leviathan from a detailed plant profile.

One of the larger gas fields in the Mediterranean, if not the world, Leviathan holds an estimated 22.4 trillion cubic feet in estimated reserves. In January, the partners approved plans to vastly expand production at the field, a project set to supply Egypt and others in the region.

Deliveries from the expansion project would be in the form of LNG. Leviathan is developed using a floating gas production facility that's connected to the Israeli shore by way of a pipeline. Subscribers can view a related project report.

Elsewhere, more takeaway capacity could come from the Eastern Mediterranean natural gas pipeline, or simply EastMed. EastMed would include 800 miles of offshore and 370 miles of onshore pipeline that could carry as much as 350 trillion cubic feet of natural gas per year to Greece, Italy and southeastern European countries. Subscribers can view the active project reports.

By the Numbers

• 60% jump in Dutch TTF since war began
• 22.4 trillion cubic feet in reserves held in Leviathan

Leviathan was closed in response to a state of emergency declaration in February, when Israel was on alert for possible Iranian missile attacks. EastMed, meanwhile, is caught up in diplomatic negotiations and might not be in operations until the end of the decade.

The United States under former President Joe Biden withdrew its support for the project, warning its ultimate route could lead to diplomatic tensions and that it was not economically viable.

Gas Markets Reeling from War

The price of natural gas at the Dutch Title Transfer facility, which serves as the European benchmark, is up nearly 60% since the conflict began.

The sidelining of Qatar in particular has led to a spike in regional natural gas prices. On Monday, meanwhile, Reuters said that Israeli forces again hit the offshore South Pars gas field in Iran, one of the largest in the world. Iran shares South Pars with Qatar, where it's called North Dome. GMI subscribers have access to details about South Pars and North Dome.

Key Takeaways

• Israel restarts Leviathan gas field.
• South Pars bombed again.

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About IIR News Intelligence
IIR News Intelligence is a trusted source of news for the industrial process and energy markets, powered by Industrial Info Resources' Global Market Intelligence (GMI).

About Industrial Info Resources
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 250,000 current and future projects worth $30.2 Trillion (USD).