- Chevron (NYSE:CVX) will expand production capacity at the Leviathan gas reservoir offshore Israel, with output expected to reach 21 billion cubic metres annually by the end of the decade
- Chevron is a top integrated energy company
- Chevron stock last traded at US$166.16, adding 4.25 per cent year-over-year and 80.43 per cent since 2021
Chevron (NYSE:CVX) will expand production capacity at the Leviathan gas reservoir offshore Israel, with output expected to reach 21 billion cubic metres annually by the end of the decade.
The final investment decision will involve the drilling of three offshore wells, treatment facility enhancements and the addition of subsea infrastructure, led by subsidiary and operator Chevron Mediterranean Limited (CML), which owns a 39.66 per cent interest in the reservoir, in collaboration with working interest owners NewMed Energy (45.34 per cent) and Ratio Energies (15 per cent).
The production platform, located 10 kilometres offshore Dor, in the northern portion of the country, aims to increase the supply of affordable gas in the region, including Egypt and Jordan, complementing Chevron’s other assets in the Eastern Mediterranean including the producing Tamar gas field offshore Israel, the development-stage Aphrodite gas field offshore Cyprus, as well as 2 exploration blocks and a non-operated joint venture in Egypt.
Management commentary
“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,” Clay Neff, president of Chevron Upstream, said in Friday’s news release. “Our decision to invest in the expansion of Leviathan’s production capacity reflects our confidence in the future of energy in the region. Pragmatic US 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.”
Jack Baker, managing director of Chevron’s Eastern Mediterranean region, echoed this sentiment, remarking that “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.”
About Chevron
Chevron is a top integrated energy company producing crude oil and natural gas, manufacturing transportation fuels, lubricants, petrochemicals and additives, and developing technologies to usher its industry into a lower-carbon future.
Chevron stock (NYSE:CVX) last traded at US$166.16, adding 4.25 per cent year-over-year and 80.43 per cent since 2021.
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