NewMed Vitality (TASE: NWMD), the Delek unit that holds a forty five.34% stake within the Leviathan fuel discipline, has notified the Tel Aviv Inventory Alternate (TASE) that the fields operator Chevron, which has a 39.66% stake, has determined to droop work on laying a marine pipeline as a part of the third pipeline challenge, due to the escalation within the north, till April 2025, “relying on the schedules within the order backlog of the contractor and the safety state of affairs that may prevail within the area.”
Which means completion of the challenge can be delayed by at the least six months. NewMed burdened, “There is no such thing as a materials cumulative impact on the overall worth of the partnership’s discounted money circulate from the Leviathan challenge, nevertheless it’s anticipated to have a cloth adverse cumulative impact on the anticipated money circulate in 2025.” The third pipeline challenge was begun by the Leviathan companions in July 2023. The partnership additionally contains Ratio Energies (TASE: RATI) (15%).
The underwater pipeline is being laid to 120 kilometers west of Haifa, and is designed to convey fuel to the manufacturing rig, which is about 10 kilometers offshore from Dor Seaside. The challenge goals to extend Israel’s each day provide of pure fuel by 0.2 BCF. In keeping with the unique plan, the primary fuel was as a result of circulate by the pipeline within the second half of 2025, however now, works have been halted till near the date when the challenge had been as a result of come onstream.
The which means: much less fuel for export
In 2023, Israeli pure fuel consumption rose to 24.7 BCM: 13.1 BCM for the home financial system and 11.6 BCM for export. There was a 3.5% enhance in home consumption in 2023 and a 21% enhance in exports. The which means of the delay within the third pipeline challenge is that there can be much less fuel for export, though no scarcity for home consumption. Final 12 months 75% of fuel was exported to Egypt and the rest to Jordan.
In 2023 the Leviathan discipline produced 11.1 BCM in pure fuel, the Tamar discipline 9.1 BCM and Karish 4.6 BCM. 78% of the fuel exported final 12 months was produced by the Leviathan discipline, with the remaining coming from the Tamar discipline whereas the Karish discipline solely produced for the home financial system. 17% of the fuel consumed within the home financial system comes from Leviathan, 34% from Karish and 49% from Tamar.
As a result of warfare, NewMed stated, “Following the most recent safety developments and relying, amongst different issues, on operational and technical concerns of the community, the operator on occasion, in accordance with the directions for working the rig and its security procedures, initiates interruptions of manufacturing from the Leviathan discipline for sure durations of time.” The corporate added that at present the decline in manufacturing quantity as a result of manufacturing interruptions, “Was not of a considerable quantity in relation to the annual manufacturing quantity.”
Printed by Globes, Israel enterprise information – en.globes.co.il – on October 7, 2024.
© Copyright of Globes Writer Itonut (1983) Ltd., 2024.
