Jerusalem, Dec 31 (AFP/APP):Israel’s offshore Leviathan field started pumping gas on Tuesday in what the operating consortium called “a historic turning point in the history of the Israeli economy.” A joint statement from partners Noble Energy, Delek Drilling, and Ratio said that the start of production was expected to lead to an immediate reduction in domestic electricity prices and the start of exports. “For the first time in its history, Israel to become a significant natural gas exporter,” it said. On December 17, Israeli Energy Minister Yuval Steinitz announced approval of sales to Egypt from Leviathan and the smaller Tamar field. A spokesman for Israeli partner Delek said then that deliveries to Egypt were expected to begin on January 1. Leviathan was discovered 130 kilometres (81 miles) west of the Mediterranean port city Haifa in 2010. It is estimated to hold 535 billion cubic metres (18.9 trillion cubic feet) of natural gas, along with 34.1 million barrels of condensate. Delek and US-based Noble struck a $15 billion 10-year deal last year with Egypt’s Dolphinus to supply 64 billion cubic metres (2.26 trillion cubic feet). It will be the first time Egypt, which in 1979 became the first Arab country to … Continue reading Israel’s Leviathan field begins pumping gas