The Chevron Corp-led Leviathan consortium and Blue Ocean Power have agreed to increase the timeframe for the achievement of circumstances for the entry into pressure of their new pure gasoline export settlement, consortium member NewMed Power LP mentioned. The events gave themselves till the top of this month.
“The Leviathan companions are engaged on the adoption of a ultimate funding choice for part one of many Leviathan growth, in accordance with the Leviathan undertaking’s up to date growth plan, throughout January 2026”, NewMed Power mentioned in a inventory submitting saying the brand new grace interval.
That is the third extension of time for the brand new export settlement to take impact, in accordance with regulatory disclosures by NewMed Power.
- Advertisement -
Final yr the Leviathan companions and Blue Ocean Power, which imports gasoline from the sector offshore Israel into Egypt, amended their settlement to lift deliveries by 130 billion cubic meters (4.59 trillion cubic ft). The added portions are anticipated to generate round $35 billion in product sales income, in accordance with NewMed Power.
“The doorway into impact of the Modification to the Export Settlement is topic to satisfaction of circumstances precedent which embody, inter alia, receipt of the approvals required from the events’ competent organs, receipt of the regulatory approvals required for the provision of the extra portions to the client, together with export approval and a ruling in favor of the sellers from the tax authorities (insofar as required), the sellers’ engagement in preparations with suppliers of transmission companies in reference to the transmission of the extra portions to the client and the client’s engagement in an association for transmission of the extra portions by way of the EMG pipeline”, NewMed Power mentioned August 7, 2025, saying the brand new settlement.
“Insofar because the circumstances precedent are usually not happy by 30 September 2025, the sellers shall be entitled to increase the mentioned deadline by a further 30 days”.
On December 17, 2025, NewMed Power mentioned the consortium had obtained approval from Israel’s Power and Infrastructures Ministry for the elevated gasoline exports to Egypt.
On October 26, 2025, NewMed Power mentioned Israel’s Pure Gasoline Authority has allotted 41.8 % of the capability of the deliberate Nitzana pure gasoline pipeline from Israel to Egypt to the Leviathan consortium. The allocation is equal to about 175.56 billion British thermal models per day, in accordance with NewMed Power. “Chevron, on behalf of the Leviathan companions, signed an modification to the Transmission Settlement supposed to mirror the up to date allotted price”, it mentioned.
On August 21, 2025, it mentioned the Power and Infrastructures Ministry had accepted a brand new growth plan to develop the manufacturing and export capability of the gasoline and condensate subject. The revised plan for the growth undertaking, referred to as Section 1B, would develop Leviathan’s manufacturing capability to round 23 billion cubic meters (Bcm) a yr, NewMed Power mentioned then. Leviathan, found 2010 off the coast of Haifa metropolis, went onstream December 2019 below Section 1A, which has a capability of about 12 Bcm every year.
Chevron operates Leviathan with a 39.66 % stake. NewMed Power, owned by Israel’s Delek Group, holds 45.34 %. Ratio Energies LP, additionally an Israeli firm, owns 15 %.
To contact the writer, e-mail jov.onsat@rigzone.com
What do you suppose? We’d love to listen to from you, be a part of the dialog on the
Rigzone Power Community.
The Rigzone Power Community is a brand new social expertise created for you and all vitality professionals to Communicate Up about our business, share data, join with friends and business insiders and have interaction in knowledgeable neighborhood that may empower your profession in vitality.
