An aerial view taken from a helicopter shows the Leviathan natural gas rig off the coast of the Mediterranean coast, in northern Israel, April 26, 2023.

Wedoany.com Report-Feb 24, Partners in the Israeli Leviathan offshore natural gas project have submitted a multi-billion dollar plan with the government to significantly expand the field and boost production, one of the partners in the group said on Sunday.

NewMed Energy (NWMDp.TA),said its plan that it filed with the Energy Minister's Petroleum Commissioner calls for the drilling of three additional production wells, more undersea systems and expansion of processing facilities on the platform that will increase total gas production capacity to 21 billon cubic meters (bcm) a year and cost an estimated $2.4 billion.

Leviathan, a deep-sea field with huge deposits, came online at the end of 2019 and produces 12 bcm of gas per year for sale to Israel, Egypt and Jordan.

That will rise to some 14 bcm in 2026 with the completion of laying of a third pipeline.

A second stage, NewMed said, would see the drilling of additional production wells and possibly lay a fourth pipeline between the field and platform and raise the maximum daily production capacity by 2 bcm a year to a total of 23 bcm annually.

The partners are seeking to sign new supply deals to customers in Israel and abroad of more than 100 bcm.

NewMed noted that the partners have already approved a budget of $505 million that included the purchase of equipment.

"The Leviathan reservoir is the most stable and strongest energy hub in the Mediterranean," said Yossi Abu, CEO of NewMed Energy. "The expanded production capacity will meet the increasing demand in the domestic market, in addition to bolstering Israel's status as an energy provider and strengthening regional ties and collaborations".

Leviathan partners also include Chevron (CVX.N), and Ratio Energies (RATIp.TA).