Chevron and Partners Approve Major Leviathan Gas Expansion to Boost Eastern Mediterranean Energy Security and Regional Supply
Chevron Corporation (NYSE: CVX), through its subsidiary Chevron Mediterranean Limited (CML), together with its partners in the Leviathan natural gas reservoir, has reached a Final Investment Decision (FID) to move forward with a major expansion of the Leviathan offshore gas production platform. The decision marks a significant milestone for one of the most strategic energy assets in the Eastern Mediterranean, reinforcing Chevron’s role as a leading natural gas producer and exporter in the region while supporting long-term energy security for Israel and neighboring markets.
The Leviathan gas field, located in the Mediterranean Sea approximately 10 kilometers offshore Dor, Israel, has emerged over the past decade as a cornerstone of regional energy development. Since beginning production, Leviathan has played a critical role in supplying natural gas to Israel’s domestic market while also enabling exports to neighboring countries, particularly Egypt and Jordan. With the new expansion project, Chevron and its partners aim to substantially increase the field’s production capacity, responding to rising demand for reliable, lower-carbon energy sources across the Eastern Mediterranean.
Announcing the investment decision, Chevron leadership emphasized both the strategic importance of Leviathan and the company’s broader vision for natural gas in the region. Clay Neff, President of Chevron Upstream, highlighted the company’s long-standing presence and growing footprint in the Eastern Mediterranean energy landscape.
“Chevron is a leading energy player in the Eastern Mediterranean where we are focused on natural gas production and exports,” Neff said. “Our operations are critical to meeting the growing energy needs of local and regional markets.”
Neff added that the decision to advance the Leviathan expansion reflects Chevron’s confidence in the region’s long-term energy outlook. He pointed to supportive policy environments and regional cooperation as key factors underpinning continued investment. According to Chevron, pragmatic U.S. and regional energy policies are helping strengthen energy security across the Eastern Mediterranean while fostering conditions that encourage capital deployment, infrastructure development, and cross-border collaboration.
The Leviathan expansion project is expected to come online toward the end of this decade, following a multi-year period of offshore drilling, subsea installation, and platform upgrades. Once completed, the project will significantly boost the field’s production and processing capabilities. Central to the expansion plan is the drilling of three additional offshore production wells, which will tap into the reservoir’s substantial gas resources and enhance overall output.
In addition to new wells, the project includes the installation of additional subsea infrastructure designed to safely and efficiently transport gas from the seabed to the production platform. Enhancements will also be made to the treatment and processing facilities on the Leviathan platform itself. These upgrades are aimed at increasing total gas delivery from the reservoir to approximately 21 billion cubic meters (BCM) per year, a substantial rise from current levels.
This increased capacity is expected to benefit multiple markets. For Israel, Leviathan remains a vital component of national energy supply, supporting electricity generation and industrial demand while reducing reliance on imported fuels. For regional partners such as Egypt and Jordan, expanded production from Leviathan strengthens the stability and flexibility of gas supply, supporting power generation, economic development, and energy diversification efforts.
Jack Baker, Managing Director of Chevron’s Eastern Mediterranean region, underscored the importance of the expansion for regional partnerships and long-term cooperation. He described the FID as a clear demonstration of Chevron’s commitment to Israel and its neighboring energy markets.
“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,” Baker said.
Baker also emphasized that Leviathan is not just a standalone asset, but part of a broader, integrated portfolio that Chevron is developing across the Eastern Mediterranean. The company views the region as a key growth area for natural gas, which it considers a critical fuel for supporting economic growth while contributing to lower-carbon energy transitions when compared with more emissions-intensive alternatives.
The ownership structure of the Leviathan field reflects a collaborative partnership among several major energy stakeholders. Chevron Mediterranean Limited serves as the operator of the field with a 39.66% working interest. NewMed Energy holds the largest stake at 45.34%, while Ratio Energies owns the remaining 15%. Together, the partners have worked closely with Israeli authorities and regional stakeholders to ensure the safe, efficient, and responsible development of the reservoir.
Leviathan is one of several significant assets in Chevron’s Eastern Mediterranean portfolio. In addition to Leviathan, Chevron operates the Tamar gas field, another major producing asset located offshore Israel that supplies a substantial portion of the country’s natural gas demand. The company is also involved in the Aphrodite gas field offshore Cyprus, which is currently under development and is expected to further enhance regional gas supply once brought online.
Beyond Israel and Cyprus, Chevron maintains an active presence in Egypt, a key energy hub in the Eastern Mediterranean. The company operates two exploration blocks offshore Egypt and participates as a non-operated joint venture partner in an additional exploration block in the Mediterranean Sea. These positions reflect Chevron’s strategy of building a diversified regional portfolio that spans production, development, and exploration, allowing it to respond flexibly to evolving market conditions and energy needs.
The Leviathan expansion comes at a time when natural gas is playing an increasingly prominent role in regional and global energy systems. As countries seek to balance energy security, affordability, and emissions reduction, natural gas is often viewed as a bridge fuel that can support renewable energy integration while displacing higher-emission fuels such as coal and fuel oil. For the Eastern Mediterranean, domestically produced gas from fields like Leviathan reduces import dependence and enhances resilience against global energy market volatility.
From an economic perspective, the expansion is also expected to generate broader benefits. Increased production supports government revenues, local employment, and the development of offshore expertise and infrastructure. It further strengthens Israel’s position as a regional energy supplier and reinforces cross-border energy cooperation, which has become an important element of diplomatic and economic relations in the region.
As Chevron and its partners move into the execution phase of the Leviathan expansion, the focus will shift to project delivery, safety, and environmental stewardship. Offshore developments of this scale require careful planning, advanced engineering, and close coordination with regulators and stakeholders to ensure operations meet stringent safety and environmental standards.
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