The Chevron Corp-led Leviathan consortium and Blue Ocean Energy have agreed to extend the timeframe for the fulfillment of conditions for the entry into force of their new natural gas export agreement, consortium member NewMed Energy LP said. The parties gave themselves until the end of this month.
“The Leviathan partners are working on the adoption of a final investment decision for phase one of the Leviathan expansion, in accordance with the Leviathan project’s updated development plan, during January 2026”, NewMed Energy said in a stock filing announcing the new grace period.
This is the third extension of time for the new export agreement to take effect, according to regulatory disclosures by NewMed Energy.
Last year the Leviathan partners and Blue Ocean Energy, which imports gas from the field offshore Israel into Egypt, amended their agreement to raise deliveries by 130 billion cubic meters (4.59 trillion cubic feet). The added quantities are expected to generate around $35 billion in gross sales revenue, according to NewMed Energy.
“The entrance into effect of the Amendment to the Export Agreement is subject to satisfaction of conditions precedent which include, inter alia, receipt of the approvals required from the parties’ competent organs, receipt of the regulatory approvals required for the supply of the additional quantities to the buyer, including export approval and a ruling in favor of the sellers from the tax authorities (insofar as required), the sellers’ engagement in arrangements with providers of transmission services in connection with the transmission of the additional quantities to the buyer and the buyer’s engagement in an arrangement for transmission of the additional quantities via the EMG pipeline”, NewMed Energy said August 7, 2025, announcing the new agreement.
“Insofar as the conditions precedent are not satisfied by 30 September 2025, the sellers shall be entitled to extend the said deadline by an additional 30 days”.
On December 17, 2025, NewMed Energy said the consortium had received approval from Israel’s Energy and Infrastructures Ministry for the increased gas exports to Egypt.
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On October 26, 2025, NewMed Energy said Israel’s Natural Gas Authority has allotted 41.8 percent of the capacity of the planned Nitzana natural gas pipeline from Israel to Egypt to the Leviathan consortium. The allocation is equivalent to about 175.56 billion British thermal units per day, according to NewMed Energy. “Chevron, on behalf of the Leviathan partners, signed an amendment to the Transmission Agreement intended to reflect the updated allocated rate”, it said.
On August 21, 2025, it said the Energy and Infrastructures Ministry had approved a new development plan to grow the production and export capacity of the gas and condensate field. The revised plan for the expansion project, called Phase 1B, would grow Leviathan’s production capacity to around 23 billion cubic meters (Bcm) a year, NewMed Energy said then. Leviathan, discovered 2010 off the coast of Haifa city, went onstream December 2019 under Phase 1A, which has a capacity of about 12 Bcm per annum.
Chevron operates Leviathan with a 39.66 percent stake. NewMed Energy, owned by Israel’s Delek Group, holds 45.34 percent. Ratio Energies LP, also an Israeli company, owns 15 percent.
To contact the author, email jov.onsat@rigzone.com
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