Noble Energy is moving forward with the development of its giant Leviathan project offshore Israel, with first gas targeted for the end of 2019.
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Image of Tamar operations, from Delek Group. |
The estimated 22 Tcf gas field, 130km offshore Israel in 1600m water depth, will be developed in phases. Stage 1A will have a capacity of 12 Bcm per annum (1.2 Bcf/d) and cost $3.5-4 billion.
The development will be a subsea system that connects production wells to a fixed platform located offshore with tie-in onshore in the northern part of Israel.
Noble's 2017 capex on stage one will include drilling one production well, long-lead investment items, and ramp up of construction activities. The company will also complete an additional production well at the Tamar field, drilling on which started in Q4 2016, Noble revealed in its 2017 outlook plan.
“In 2017, our teams will begin project development, with first gas targeted for the end of 2019,” David L. Stover, Noble chairman, president, and CEO said. “At the same time as we progress Leviathan, we will continue to maximize production and cash flow from our other offshore assets. We are excited about 2017, which will certainly be an impactful year for Noble Energy, and we are off to a great start.”
In 2017, Noble’s capital program includes plans for offshore and corporate, including the Gulf of Mexico and West Africa, as well as other exploration activities in the amount of $625 million, or about 25% of the company’s total budget, for offshore and other activities. Of that amount, Noble will allot $550 million to its Eastern Mediterranean program.
Late in 2017, Noble Energy anticipates participating in the drilling of the Araku exploration prospect offshore Suriname, in which Noble holds a non-operated stake of 20%, with total gross unrisked resources in excess of 500 MMboe.
For Q4 2016, Noble reported a 46% increase in its sales volumes, which averaged 33 MMbo. The Big Bend and Dantzler fields produced a combined average of 16 MMboe/d net.
The company also completed the transition to begin its operatorship at Thunder Hawk.
“Building on our strong performance over the last couple of years, Noble Energy is now rapidly accelerating our pace of development in 2017,” Stover said.
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