Noble Energy: Leviathan Field To Supply Natural Gas To BG's LNG Facilities

(RTTNews) - Noble Energy, Inc. (NBL) announced the execution of a non-binding Letter of Intent between the Leviathan field partners and BG International Limited for the supply of natural gas from the Leviathan field, offshore Israel, to BG's existing natural gas liquefaction (LNG) facilities in Egypt. The LOI contemplates a total gross sales quantity of up to 3.75 trillion cubic feet of natural gas over a 15-year period, or the equivalent of approximately 700 million cubic feet per day over the term.

Noble Energy operates Leviathan with a 39.66 percent working interest. The Leviathan field has an estimated 19 Tcf of discovered natural gas resources.

Keith Elliott, Noble Energy's Senior Vice President, Eastern Mediterranean, said, "Phase 1 of the Leviathan project is designed to provide significant quantities of natural gas to Israel and regional markets. This transaction, in combination with regional cooperation, will also provide access for Eastern Mediterranean gas into global markets. Negotiations with other potential customers for Leviathan natural gas are progressing, and I anticipate additional agreements to be executed this year in support of the development of the first phase of Leviathan."