The Israel government has reached an agreement with the US-Israel oil and gas consortium Noble Energy to develop a big Mediterranean gas field Leviafan.
The agreement envisages limitation of price of the gas extracted on the field to be sold to Israeli companies.
Noble Energy has also committed itself to invest $1.5 billion until 2020. The contracts with the consumers must be signed no later than 2018.
The company has also committed itself to start gas supplies to the consumers until the end of 2020, because otherwise the Israeli government has reserved the right to terminate the agreement on a unilateral basis.
Leviafan is one the world biggest gas field discovered in the 2000s. The field was discovered in 2010 and its resources could reach up to 450 billion cub.m. of gas. Noble Energy has started exploration of the field on July 18, 2014. The field is planned to be put into operation in 2016-2017.—0—
Economics
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