Israeli gas plans move tentatively ahead

Geopolitics could harm Leviathan export prospects just as the signs are looking good

There are two distinct perspectives to the planned development of Israel's giant (22 trillion cubic feet of reserves) offshore Leviathan natural gasfield. From one side, signs today are that this huge gas find, discovered in December 2010, is finally on its way to monetisation. From the other perspective, the prospects look less promising. The optimism is on the Israeli side. In February, the Delek group, holder of a 45.34% share in the Leviathan project, announced that its subsidiaries Delek Drilling and Avner Oil Exploration had received loans from Israeli and international banks worth $1.75bn for their share in the cost of developing the field. Chief executive Yossi Abu said the financing