Israel's time to deliver
Israel may at last start to put its plentiful offshore gas discoveries to use, domestically and regionally
Six years after Noble Energy discovered the giant 22-trillion-cubic foot Leviathan gas-field, the project that was to transform Israeli energy prospects has yet to start. The delay has cost the country $26bn in lost revenue, says energy minister Yuval Steinitz. Finding foreign buyers for liquefied natural gas was one problem. But domestic Israeli politics and laws also kiboshed the original export dream. Israel's antitrust regulator challenged the dominance of Noble and its Israeli partner Delek Drilling in the country's energy sector, leading to a dispute with the government that threatened to sink Leviathan altogether. Finally, in June this year a deal was reached under which Noble agreed
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US LNG exporter Cheniere Energy has grown its business rapidly since exporting its first cargo a decade ago. But Chief Commercial Officer Anatol Feygin tells Petroleum Economist that, as in the past, the company’s future expansion plans are anchored by high levels of contracted offtake, supporting predictable returns on investment
