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 gas.
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
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
Dow Jones Newswires