Chevron Corporation (NYSE:CVX) on Friday disclosed that its subsidiary, Chevron Mediterranean Limited (CML), and the partners reached a Final Investment Decision (FID) to expand the production capacity of the Leviathan offshore platform in Israel.
The working interest owners of Leviathan are Chevron Mediterranean Limited (operator, 39.66%), NewMed Energy (45.34%), and Ratio Energies (15%).
Details
The Leviathan platform is located roughly 10 kilometers offshore of Dor, Israel, and is expected to begin operations toward the end of this decade.
The project involves drilling three new offshore wells, installing additional subsea infrastructure, and upgrading the treatment facilities on the Leviathan platform.
The project aims to boost total gas deliveries to Israel and the region to around 21 billion cubic meters (BCM) annually.
Management Commentary
Jack Baker, managing director of Chevron’s Eastern Mediterranean region, said, “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.”
“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,” added Clay Neff, president of Chevron Upstream.
2026 And Long-Term Guidance
In December, the company expects an organic capital expenditure range of $18–$19 billion for consolidated subsidiaries (capex) in 2026.
In November, the oil and gas giant stated that it targets 2%–3% annual growth in oil and gas production through 2030.
Chevron plans to release its fourth-quarter results on January 30.
CVX Price Action: Chevron shares were up 0.51% at $167.00 during premarket trading on Friday. The stock is approaching its 52-week high of $169.37, according to Benzinga Pro data.
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