Leviathan

Consortium suspends planned purchase of 50% stake in Israeli gas producer in light of ongoing military conflict in the region.

Updates about global exploration and production activities and developments.

The proposed transaction also would be the first step in establishing a joint venture between BP and ADNOC.

East Med gas production, leveraged by Egypt’s position at the mouth of the Suez Canal, is redefining geopolitical relations as North Africa, Europe, and the Middle East strive to create a new distribution hub for energy, legacy, and renewables.

Chevron is having to drill a fifth production well at Israel’s Leviathan natural gas and gas-condensate field to keep production ahead of rising demand, driven by exports to Egypt’s growing LNG hub.

Delek Drilling’s deal to sell Abu Dhabi’s state-owned Mubadala Petroleum its stake in Israel’s offshore Tamar gas field kicks off what the Abraham Accords envisioned as the kind of business cooperation that could bring peace to the Middle East and prosperity to the East Med.

A fault was identified at the Leviathan platform’s production system. This comes a month after a malfunction was discovered at the project’s subsea pipeline.

Landmark deal called most significant since 1979 peace treaty.

The largest natural gas field in the rising Eastern Mediterranean region is now flowing after being discovered a decade ago.

With production set to begin from the large Leviathan field by the end of this year, the Israeli government signed off on the final permits to allow for its first exports. Leviathan contains approximately two-thirds of all the gas resources discovered offshore Israel so far.