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Israel: Towards an Increase in Leviathan’s Storage Capacity

Following the border agreements validated with Lebanon, NewMed Energy is considering the construction of a new floating LNG terminal off the coast of Israel.

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NewMed Energy plans to build a floating LNG terminal off the Mediterranean coast of Israel.

A double possibility

This project is a continuation of the company’s Leviathan gas field, which is capable of storing over 22.9 Tcf of recoverable gas. NewMed Energy then has two options. The floating LNG terminal or a pipeline connection to LNG terminals.

However, the company seems to favor the first option as announced by Yossi Abu, the company’s CEO. Moreover, the Israeli government supports this solution. In addition, the final investment decision will be made very soon.

The second option would be to connect existing LNG terminals in northern Egypt. This would facilitate exports to more distant countries. This solution represents a considerable opportunity to sell toEurope, which is seeking to secure its energy supply.

The company is ready to invest significant sums to build a new pipeline to Leviathan. It could commit $550 million to such a facility. This would increase the capacity of its project to about 14 billion cubic meters per year, compared to the current 12 billion.

Ambitious goals

NewMed Energy hopes to have a capacity of 21 billion cubic meters per year over the decade. This project could well be supported by the company’s results, which showed a net profit of $123 million in July-September. During the quarter, natural gas reported net revenues 28% higher than the previous year.

Leviathan, in which NewMed has a 45.3% stake, could also benefit. Its production has increased by 0.2 billion m3 in just one year. In addition, the project produced 8.5 billion m3 of natural gas during the first nine months of the year.

To strengthen its position, NewMed is also considering a merger with the British Capricorn Energy Plc. The two parties will finalize the transaction in the first quarter of 2023, even though it is far from unanimous. Many shareholders have raised arguments against the project.

However, Barclays analyst Tavy Rosner seems optimistic as he sees the deal as potentially positive for NewMed. In addition, the company is listed on the London Stock Exchange, giving it access to capital. Finally, it could benefit from Capricorn’s experience and results.

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