The Israeli partners in the Leviathan gas field said on Dec. 12 they approved a development plan for the field with a target production date for the end of 2019.

The plan, the group said in a statement to the Tel Aviv Stock Exchange, includes a first stage development for production of about 12 billion cubic meters (Bcm) a year at a cost of $3.5 billion to $4 billion.

The Israeli partners in Leviathan, one of the world’s biggest offshore natural gas discoveries of the past decade, include Delek Drilling and Avner Oil, each with a 22.67% stake, and Ratio Oil with a 15% stake.

A final investment decision in the project will also require approval from the field’s operator, Texas-based Noble Energy, which has a 39.66% share.

With estimated reserves of 621 Bcm, the Leviathan partners have signed an export deal in Jordan and are exploring the possibility of selling gas in Egypt, Turkey and Europe.

The group last month signed commitment letters with HSBC and J.P. Morgan for up to $1.75 billion of financing for the A1 development stage of the project.

Offshore