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Ratio Energies announces the achievement of a significant milestone in obtaining approval for additional natural gas exports from the Leviathan reservoir
TEL AVIV, Israel , June 26, 2024 /PRNewswire/ -- Ratio Energies partnership (TASE: RATI), which holds 15% of the Leviathan natural gas reservoir, has achieved a significant milestone. The partnership reported receiving a principal permit to export natural gas from the Leviathan field. The permit allows for an additional total quantity of up to 118 BCM, with the possibility of increasing the quantities to 145 BCM under certain conditions, subject to the decision of the professional echelon in the Ministry of Energy. This is the largest export permit ever granted for a natural gas reservoir in Israel .
The Leviathan field, the largest of the existing fields in Israel , contains an estimated 608 BCM of gas. To date, only about 43 BCM have been supplied to the local market and export markets. The expansion of production from Leviathan will be undertaken as part of Phase 1B of the field's development plan and is expected to increase annual production to approximately 21 BCM.
The partnership, together with Leviathan's partners, continues negotiations to sign agreements for the sale of natural gas to customers in the local market and for export. These agreements are based on both current production capacity and future production capacity within the framework of the third pipeline project and Phase
1B of the Leviathan development project.
"The Ministry of Energy's decision to approve additional export quantities of natural gas from the Leviathan field up to 118 bcm is a positive development for the Israeli energy market. The demand for natural gas in Israel and regional markets is growing, and we are prepared to expand production from the Leviathan project accordingly. Expanding production will increase revenues for the country and enhance Israel's energy security due to additional natural gas available for consumers in Israel . Leviathan's partners are actively working to promote the field's expansion and to continue to solidify its position as a strategically important regional gas reservoir."