A $1.75 billion investment in the Leviathan gas field by the firms that discovered it – Noble Energy, Delek Drilling and the Avner/Ratzio group – is “great news for Israel’s economy and for Israelis,” Prime Minister Binyamin Netanyahu said after the group announced its plans. “This move will provide Israel with natural gas, and promote Israeli cooperation with other countries in the region.”
The companies announced that they would develop the first stage, at an estimated cost of $3.75 billion. Noble Energy is the largest investor in the project, putting up nearly 40 percent of the funds. The first gas should flow from the field, situated about 100 kilometers off the coast of Haifa, by the end of 2019.
Energy Minister Yuval Steinetz said the gas would begin to flow while he was still heading the Ministry, “as I promised. The state will gain income from the licensing, while all Israelis will gain from the cleaner air and the increased energy security Leviathan will bring. The development of the field will place Israel as an important energy player among our neighbors in the Middle East and Europe.”