Russia’s Gazprom No Longer Interested in Israeli Gas Field Development

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Russian energy giant Gazprom will not continue the collaboration with the Israel’s Leviathan gas field in the Mediterranean Sea, Russian media reported Wednesday, citing an unnamed Gazprom source.

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MOSCOW (Sputnik) — Russian energy giant Gazprom is no longer interested in participating in the development of Israel’s Leviathan gas field in the Mediterranean Sea, Russian media reported Wednesday, citing an unnamed Gazprom source.

According to the Vedomosti newspaper, the source did not specify why the company had decided to abandon the project. Gazprom is reportedly not considering any other projects in Israel at the moment.

In 2012, the company was in talks with Leviathan’s operating firms on buying a 30-percent stake in the development project. At the time, Total, ExxonMobil, ConocoPhillips, Chevron, Woodside Petroleum also wanted a part in the project, however Gazprom offered the largest sum.

Currently, the Leviathan gas field, first drilled in 2011, is one of the largest young gas reserves in the world. According to the US Geological Survey, Leviathan’s volume of undiscovered reserves amounts to some 620 billion cubic meters of natural gas.

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