Numed Energy reveals rise in natural gas exports from Israel's Leviathan field, despite lower Q4 profit
Date
3/20/2024 4:04:07 AM
(MENAFN) Neomed energy revealed on Tuesday that natural gas exports from Israel's offshore Leviathan field to Egypt surged by 28 percent in 2023, with further production enhancements slated for late 2025. Despite these positive developments, the company announced a decline in fourth-quarter profits.
As the largest shareholder in the expansive Leviathan field, Neomed disclosed that total annual sales from the field decreased to 11 billion cubic meters from 11.4 billion cubic meters in 2022. This decline was attributed to heightened competition within the sector, indicating shifting dynamics in the regional energy landscape.
However, Neomed highlighted a significant uptick in exports to Egypt, which reached 6.3 billion cubic meters compared to 4.9 billion cubic meters the previous year. Sales to Jordan remained stable at 2.7 billion cubic meters, reflecting the field's strategic importance as a key supplier to neighboring countries.
Looking ahead, Neomed outlined plans for further development of the Leviathan field in partnership with Chevron and Ratio Energies. An investment of USD568 million is earmarked for this endeavor, aimed at augmenting production capacity from the current 12 billion cubic meters annually to 14 billion cubic meters. This expansion is anticipated to come into effect in the second half of 2025, underscoring Neomed's commitment to maximizing the field's potential and meeting growing energy demands in the region.
Despite the promising outlook for the Leviathan field, Neomed reported a decline in fourth-quarter profits, with earnings totaling USD102 million compared to USD141 million in the previous year. This decrease may reflect various market factors and operational challenges faced by the company during the period.
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