Ratio revenues soar on strong Leviathan field performance
Ratio Energies Partnership, a minority partner in Chevron's Leviathan gas project offshore Israel, reported Q2 revenues up 31% yr/yr on the back of increased performance at the field.
Revenues amounted to $97mn, up 31% on the year ago period, while operating profits rose 46% on the year to $64mn. Ratio said the Leviathan consortium sold 2.8bn m3 of natural gas from April to June. Of that amount, around 2bn m3 was sold to customers in Egypt and Jordan. Ratio Energies holds a 15% non-operated stake in Leviathan gas field, while the operator Chevron owns 39.7%. The other participant is NewMed Energy with 45.3%.
Leviathan's gas on average was sold for $6.4/mn Btu during the second quarter, up from $4.9 in the same period last year.
The field is situated in deep Mediterranean Sea waters, lying 130 km west of Israel's Haifa. Chevron considers Leviathan to possess a recoverable reserves potential of around 605bn m3, producing around 12bn m3/yr on average.
Yigal Landau, CEO of Ratio Energies, said: "The increasing demand from the regional markets, together with an increase in the average price of natural gas, brings Ratio to another record quarter in all parameters. In view of the impressive financial results in H1/2022, the partnership declared, for the first time, a profit distribution of $25 million, which constitutes a significant milestone in our long-standing activity."