Leviathan offshore gas project to receive $429m investment

Leviathan project partners approved an additional $429 million budget for front-end engineering design (FEED) and preliminary procurement for Phase 1B. This phase aims to expand production capacity to 21 billion cubic metres per year.

Ratio Energies’ share is approximately $64.5 million, which will be self-funded. The partners are also considering a fourth subsea pipeline to boost daily production to 2,350 million cubic feet.

A final investment decision is anticipated in the first half of 2025, with production expected to start between mid-2028 and mid-2029.

The partners include Ratio Energies (15 per cent), NewMed Energy (45.34 per cent), and Chevron Mediterranean Limited (39.66 per cent).

Attribution: Statement released by Ratio Energies