BY SARA TOTH STUB
JERUSALEM -- Israeli energy companies said that they have
signed a preliminary agreement with the Cypriot government to
build a plant in Cyprus to liquefy and export natural
The plant and export facilities would be for gas from a
partially Israeli owned Cypriot field, but
could also be expanded for processing other gas, including Israel's large offshore Leviathan reserve, according to a
statement from Delek Group Ltd., which owns stakes through its
subsidiaries in the Cypriot field and Israeli fields.
Last week Israel's government approved the export of 40% of
the country's deep sea natural
gas reserves, which it said could bring in $60 billion in
government revenue over the next 20 years.
Israel has yet to secure a market for the large Leviathan reserve, which was
discovered deep under the Mediterranean in 2010 and contains
about 19 Tcf of gas. Ideally, Israel energy companies have said
they would like to export some of that gas to European and
Asian markets, as well as sell to neighboring countries.
Israel's Tamar reserve began production of
gas in March, and will mainly serve the domestic market,
although some of that gas has also been earmarked for possible
export to Jordan.
Noble Energy owns 70% of the Cypriot Aphrodite field, and
the Delek subsidiaries own 30%. The field contains up to 9 Tcf
of gas, according to estimates.
Noble also owns large shares in the Leviathan and Tamar fields.
Dow Jones Newswires