Saturday, September 30 2023 Sign In   |    Register

News Quick Search



Front Page
Power News
Gas News
Today's News
Yesterday's News
Week of Sep 25
Week of Sep 18
Week of Sep 11
Week of Sep 04
Week of Aug 28
By Topic
By News Partner
News Customization


Pro Plus(+)

Add on products to your professional subscription.
  • Energy Archive News

    Home > News > Gas News > News Article

    Share by Email E-mail Printer Friendly Print

    Record demand in the export markets has yielded for Ratio a strong first quarter with 13% growth in revenues to $93 million

    May 25, 2023 - Associated Press


      The operating profit rose to $57 million, and the net profit increased to $33 million

      In Q1, 2.8 BCM of natural gas were sold from the Leviathan reservoir, 2.2 BCM of which to the export markets

      From the beginning of the year until the date of release of the report, 4.3 BCM of natural gas were sold from the Leviathan reservoir

      TEL-AVIV, Israel, May 25, 2023 /PRNewswire/ -- Ratio Energies partnership (TASE: RATI-L), which holds 15% of the Leviathan natural gas reservoir, has reported results for Q1/2023. The revenues and operating profit in the quarter totaled $93 million and $57 million respectively, up some 13% and 18% respectively, year over year. Ratio's net profit for Q1 is $33 million, up around 16% year over year. The cash flow from operating activities soared in the quarter by around 46%, totaling $57 million.

      During the quarter, 2.8 BCM of natural gas were sold from the Leviathan reservoir, 2.2 BCM of which to customers in the export markets in Egypt and Jordan, growth of around 19% in quantities sold for export year over year, while from the beginning of the year until the report release date 4.3 BCM of natural gas were sold from the Leviathan reservoir.

      The average price of natural gas that was sold in the quarter was $6.1 per MMBTU compared with $5.78 year over year, up around 5%, which had a direct effect on the profit line recorded by the partnership.

      During the upcoming months, the fifth production well "Leviathan-8" is expected to begin operating in the reservoir, which will increase the natural gas supply redundancy in the Leviathan project. Concurrently, Ratio, together with the Leviathan partners, is continuing the work on the construction of a third pipeline which will run from the field to the platform and increase the production volume to around 14 BCM per year from mid-2025.

      Yigal Landau, CEO of Ratio Energies, said: "Q1/2023 saw a continuation of last year's record demand, particularly in the export markets, and we are preparing to meet the increased demand. We are currently exploring the option of upgrading transmission infrastructures in Jordan to transport additional gas quantities to markets in Jordan and Egypt. The planning and engineering work for the expansion of Leviathan is ongoing, both on the production platform itself and in terms of a FLNG, which will enable us to adopt a final investment decision for development of Phase 1B and significantly increase natural gas production from the reservoir".

      Logo -

      View original content:


    Other Articles - International


       Home  -  Feedback  -  Contact Us  -  Safe Sender  -  About Energy Central   
    Copyright © 1996-2023 by CyberTech, Inc. All rights reserved.
    Energy Central® and Energy Central Professional® are registered trademarks of CyberTech, Incorporated. Data and information is provided for informational purposes only, and is not intended for trading purposes. CyberTech does not warrant that the information or services of Energy Central will meet any specific requirements; nor will it be error free or uninterrupted; nor shall CyberTech be liable for any indirect, incidental or consequential damages (including lost data, information or profits) sustained or incurred in connection with the use of, operation of, or inability to use Energy Central. Other terms of use may apply. Membership information is confidential and subject to our privacy agreement.