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Tuesday, December 23, 2014
Trouble in the Eastern Mediterranean could quash some of Egypt’s gas import plans. It seems that the anti-trust authorities in Israel could revoke Nobel Energy and the Delek Group’s deal allowing for the development of the Levianthan gas field. The anti-trust authority has gone so far as to call the partners a cartel. Representatives from both companies were summoned by the authority and told “still considering to announce that buying Leviathan was illegal.”
Delek and Noble have spent a substantial amount on the field which holds an estimated 22 Tcf which means that the two firms control a significant amount of Israel’s valuable national asset. A deal was in the works to export the natural gas discovered to Egypt, which is in the middle of a severe energy crunch. Leviathan partners are also in BG Group who has the infrastructure in place in the form of the Egyptian LNG plant at Idku on Egypt’s north coast.
The partners have also been talking to Jordan’s national electricity company.
Delek and Noble also hold major stakes in the Tamar field, which is near Leviathan and started production nearly two years ago.
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