Chevron has reached a final investment decision to expand production capacity at the Leviathan natural gas reservoir located offshore Israel.
The expansion project includes drilling three additional offshore wells, adding subsea infrastructure and enhancing the treatment facilities on the Leviathan production platform.
The expansion is expected to boost gas deliveries from Leviathan to 21 billion cubic metres (bcm) per year.
“Chevron is a leading energy player in the Eastern Mediterranean, where we are focused on natural gas production and exports.
“Our operations are critical to meeting the growing energy needs of local and regional markets,” said Clay Neff, President of Chevron Upstream.
“Our decision to invest in the expansion of Leviathan’s production capacity reflects our confidence in the future of energy in the region.
“Pragmatic U.S. and regional energy policies are helping to strengthen energy security across the Eastern Mediterranean and foster an environment that encourages investment in the Middle East and globally.”
Leviathan is the world’s largest natural reservoir in the Mediterranean with an estimated 22.9 trillion cubic feet of recoverable gas.
The expansion project has a budget of US$2.36 billion and is expected to come online in the second half of 2029.
“This milestone demonstrates our ongoing commitment to partner with the State of Israel to develop natural gas resources and provide essential energy to millions of people in Israel, Egypt and Jordan,” said Jack Baker, managing director of Chevron’s Eastern Mediterranean region.
Leviathan’s partners include Chevron Mediterranean Ltd. as operator with a 39.66 per cent stake, NewMed Energy with 45.34 per cent and Ratio Energies with a 15 per cent share.
In addition to Leviathan, Chevron’s assets in the Eastern Mediterranean include the Tamar gas-producing field and the Aphrodite gas field, which is currently in development in offshore Cyprus.
