Chevron has finalized a $2.36 billion investment to expand the Leviathan offshore natural‑gas field off Israel’s coast, adding three new wells, subsea infrastructure and upgraded processing facilities. The expansion will lift the field’s total output to roughly 21 billion cubic meters per year, a 75% jump from the current 12 billion cubic meters and a 2.4 trillion‑cubic‑foot reserve base. First gas is expected in the second half of 2029, positioning the project to feed Israel, Egypt and Jordan with additional volumes as regional demand grows.
The project is led by Chevron Mediterranean Limited, which holds a 39.66% stake, with NewMed Energy (45.34%) and Ratio Energies (15%) as partners. The investment underscores Chevron’s strategy to diversify beyond its U.S. Permian and Guyana assets, strengthening its foothold in the Eastern Mediterranean—a region that has become a critical energy corridor for the Middle East and a key source of gas for Europe’s diversification away from Russian supplies.
"Chevron is a leading energy player in the Eastern Mediterranean where we are focused on natural gas production and exports," 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.” Jack Baker, Managing Director of Chevron’s Eastern Mediterranean region, added that the milestone demonstrates a continued partnership with Israel to deliver essential energy to millions in Israel, Egypt and Jordan.
The U.S. government’s support for energy security in the region, coupled with the 3+1 framework of U.S., Cyprus, Greece and Israel, provides a stable geopolitical backdrop for the project. The expansion aligns with Europe’s broader strategy to reduce reliance on Russian gas, positioning Israel as a regional supplier and giving Chevron a strategic asset that can generate significant cash flow over the long term.
The Leviathan expansion is expected to reinforce Chevron’s status as a leading integrated energy producer, delivering reliable, low‑cost gas to three growing markets while expanding the company’s portfolio in a high‑growth region. The project’s scale and timing signal confidence in sustained regional demand and a commitment to long‑term, low‑cost production that will support Chevron’s broader growth strategy.
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