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Chevron Restarts Operations at Leviathan Gas Field After Ceasefire
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Key Takeaways
CVX has restarted gas output at Leviathan after a security-driven shutdown on June 13.
Leviathan supplies 15-20% of Egypt's energy demand, restoring flows after a huge loss.
Leviathan aims to boost gas output from 12 bcm to 14 bcm annually by 2026 to meet regional needs.
Chevron Corporation (CVX - Free Report) has resumed operations at the Leviathan natural gas field off Israel’s Mediterranean coast following a temporary suspension triggered by the Iran-Israel conflict. The restart comes after a ceasefire agreement and a security reassessment by Israeli authorities. As the operator of Leviathan, Chevron prioritized safety while preparing for a quick recovery once the situation stabilized. This move underscores Chevron’s ability to navigate complex geopolitical environments without compromising long-term energy commitments to Israel, Egypt and Jordan.
Leviathan Gas Field Shutdown
In response to an emergency directive issued by Israel’s Energy Ministry, due to growing national security concerns following escalating tensions with Iran, Chevron shut down its operations at the giant Leviathan natural gas field on June 13.
With a stall in Leviathan field operations, a significant share of Israel’s export capacity got stuck, disrupting the vital energy corridor linking the Mediterranean with North Africa and Europe. The move also cut a key gas supply route to Egypt just as summer demand surged.
Minimizing Disruptions, Maximizing Reliability
The temporary halt at Leviathan, which was active since June 13, led to an estimated $12 million in revenue loss. Chevron and its partners acted swiftly to mitigate the impact, aligning closely with government directives. The resumption of Leviathan ensures the continuity of gas exports that supply nearly 15-20% of Egypt’s energy demand. With operations now restored, Egypt is preparing to restart gas supplies to industrial sectors, a testament to the critical role Chevron plays in regional energy stability.
Leviathan Project: Biggest Natural Gas Field in the Mediterranean
Leviathan ranks among the largest deepwater natural gas fields globally. It is the most stable and robust energy hub in the Mediterranean. Located in the Levant Basin, the field has seen approximately 85 trillion cubic feet of hydrocarbon discoveries over the past two decades. Thanks to its vast resource base, Leviathan’s natural gas reserves have grown around 40% in the past 10 years. The project, jointly developed by NewMed Energy (45.34%), Chevron Mediterranean (39.66%) and Ratio Energies (15%), is one of the region’s largest gas ventures, supplying natural gas to Israel, Egypt and Jordan.
Looking Ahead: Expansion and Infrastructure Readiness
Currently producing 12 billion cubic meters (bcm) of gas annually, Leviathan is set to expand output to 14 bcm by 2026, reinforcing its role as a major regional supplier.
Egypt receives its imports in the form of liquefied natural gas for regasification in the country. Although Egypt has three floating storage and regasification units (“FSRU”), currently, only one is operational. The Energos Eskimo FSRU is expected to be activated soon and will be relocated to the Sumed terminal, where it will connect to the national gas grid.
Chevron’s presence continues to support the energy growth, including Egypt’s LNG regasification infrastructure. With more FSRUs expected to come online soon, Chevron remains committed to enhancing regional resilience and enabling energy security across interconnected markets.
CVX’s Zacks Rank & Key Picks
Houston, TX-based Chevron is one of the largest publicly traded oil and gas companies that participates in every aspect related to energy, from oil production to refining and marketing. Currently, CVX has a Zacks Rank #3 (Hold).
BKV Corporation is an energy company that produces natural gas from its owned and operated upstream businesses. The Zacks Consensus Estimate for BKV’s 2025 earnings indicates 338.18% year-over-year growth.
Subsea 7 operates as an engineering, construction and services contractor to the offshore energy industry worldwide. The Zacks Consensus Estimate for SUBCY’s 2025 earnings indicates 95.52% year-over-year growth.
Houston, TX-based Oceaneering is one of the leading suppliers of offshore equipment and technology solutions to the energy industry. The Zacks Consensus Estimate for OII’s 2025 earnings indicates 57.02% year-over-year growth.
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Chevron Restarts Operations at Leviathan Gas Field After Ceasefire
Key Takeaways
Chevron Corporation (CVX - Free Report) has resumed operations at the Leviathan natural gas field off Israel’s Mediterranean coast following a temporary suspension triggered by the Iran-Israel conflict. The restart comes after a ceasefire agreement and a security reassessment by Israeli authorities. As the operator of Leviathan, Chevron prioritized safety while preparing for a quick recovery once the situation stabilized. This move underscores Chevron’s ability to navigate complex geopolitical environments without compromising long-term energy commitments to Israel, Egypt and Jordan.
Leviathan Gas Field Shutdown
In response to an emergency directive issued by Israel’s Energy Ministry, due to growing national security concerns following escalating tensions with Iran, Chevron shut down its operations at the giant Leviathan natural gas field on June 13.
With a stall in Leviathan field operations, a significant share of Israel’s export capacity got stuck, disrupting the vital energy corridor linking the Mediterranean with North Africa and Europe. The move also cut a key gas supply route to Egypt just as summer demand surged.
Minimizing Disruptions, Maximizing Reliability
The temporary halt at Leviathan, which was active since June 13, led to an estimated $12 million in revenue loss. Chevron and its partners acted swiftly to mitigate the impact, aligning closely with government directives. The resumption of Leviathan ensures the continuity of gas exports that supply nearly 15-20% of Egypt’s energy demand. With operations now restored, Egypt is preparing to restart gas supplies to industrial sectors, a testament to the critical role Chevron plays in regional energy stability.
Leviathan Project: Biggest Natural Gas Field in the Mediterranean
Leviathan ranks among the largest deepwater natural gas fields globally. It is the most stable and robust energy hub in the Mediterranean. Located in the Levant Basin, the field has seen approximately 85 trillion cubic feet of hydrocarbon discoveries over the past two decades. Thanks to its vast resource base, Leviathan’s natural gas reserves have grown around 40% in the past 10 years. The project, jointly developed by NewMed Energy (45.34%), Chevron Mediterranean (39.66%) and Ratio Energies (15%), is one of the region’s largest gas ventures, supplying natural gas to Israel, Egypt and Jordan.
Looking Ahead: Expansion and Infrastructure Readiness
Currently producing 12 billion cubic meters (bcm) of gas annually, Leviathan is set to expand output to 14 bcm by 2026, reinforcing its role as a major regional supplier.
Egypt receives its imports in the form of liquefied natural gas for regasification in the country. Although Egypt has three floating storage and regasification units (“FSRU”), currently, only one is operational. The Energos Eskimo FSRU is expected to be activated soon and will be relocated to the Sumed terminal, where it will connect to the national gas grid.
Chevron’s presence continues to support the energy growth, including Egypt’s LNG regasification infrastructure. With more FSRUs expected to come online soon, Chevron remains committed to enhancing regional resilience and enabling energy security across interconnected markets.
CVX’s Zacks Rank & Key Picks
Houston, TX-based Chevron is one of the largest publicly traded oil and gas companies that participates in every aspect related to energy, from oil production to refining and marketing. Currently, CVX has a Zacks Rank #3 (Hold).
Investors interested in the energy sector might look at some better-ranked stocks like BKV Corporation (BKV - Free Report) , Subsea 7 S.A. (SUBCY - Free Report) and Oceaneering International, Inc. (OII - Free Report) . While BKV and Subsea 7 currently sport a Zacks Rank #1 (Strong Buy) each, Oceaneering carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
BKV Corporation is an energy company that produces natural gas from its owned and operated upstream businesses. The Zacks Consensus Estimate for BKV’s 2025 earnings indicates 338.18% year-over-year growth.
Subsea 7 operates as an engineering, construction and services contractor to the offshore energy industry worldwide. The Zacks Consensus Estimate for SUBCY’s 2025 earnings indicates 95.52% year-over-year growth.
Houston, TX-based Oceaneering is one of the leading suppliers of offshore equipment and technology solutions to the energy industry. The Zacks Consensus Estimate for OII’s 2025 earnings indicates 57.02% year-over-year growth.