Partners in the Israeli Leviathan offshore gas project have approved a $429 million investment to expand the field and increase production, a statement from the group said on Thursday.

The expansion will increase production to 21 billion cubic metres (bcm) annually, the firms said, and the investment was intended for front-end engineering design, the firms said.

Leviathan, a deep-sea field with huge deposits, came online at the end of 2019 and produces 12 billion cubic metres (bcm) of gas per year for sale to Israel, Egypt and Jordan.

Leviathan partners include NewMed Energy (NWMDp.TA) Chevron (CVX.N), Ratio Energies (RATIp.TA).
Source: Reuters (Reporting by Ari Rabinovitch; Writing by Maayan Lubell; Editing by Giles Elgood)