The revised plan looks to cut the investment by $1bn and increase production by five bcm.
The project is 22.67% owned by Delek Drilling while other partners include Noble Energy Mediterranean with 39.66% stake, Avner Oil Exploration with 22.67% and Ratio Oil Exploration 15%.
The revised plan includes supply of natural gas and condensate for the domestic market and for export.
As per the plan, the firms will have eight production wells connected by a subsea pipeline to a fixed platform.
Delek said that the two of the eight wells have been drilled already and will be completed for production.
Located in 1,645m of water in the Levantine Basin, approximately 130km west of Haifa, Israel, the Leviathan field is estimated to produce around 21 billion cubic meters of gas per year.
According to the US Geological Survey (USGS) estimates, the entire Leviathan Basin is estimated to have a mean approximation of 1.7 billion barrels of recoverable oil and a mean of 122 trillion cubic feet of recoverable gas.
Leviathan partners are planning to make final investment decision for the development plan in the fourth quarter of 2016 and commence gas production in the fourth quarter of 2019.
Natural gas from the platform will be transported through the north entrance to the Israel National Gas Lines onshore transportation grid.
The Leviathan development plan involves two phases with first phase comprising development of four wells and installation of platform with treatment facilities.
The second stage involves four additional wells for drilling and the platform’s treatment capacity would be increased by an additional nine billion cubic meters per annum.
Last year, Israel Prime Minister Benjamin Netanyahu approved a deal to allow Noble Energy to go ahead with development of the Leviathan gas field.
