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Chevron & Partners Approve Leviathan Expansion Project in Israel
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Key Takeaways
CVX & partners reach FID for Leviathan field expansion, increasing natural gas production capacity in Israel.
CVX plans new wells, added subsea equipment, and upgraded treatment facilities to handle higher gas volumes.
CVX expects Leviathan output to reach about 21 bcm annually, supporting Israel's demand and regional exports.
Chevron Corporation (CVX - Free Report) , a U.S. oil and gas giant, announced that its subsidiary Chevron Mediterranean Limited (CML) and its partners at the Leviathan natural gas reservoir have reached a final investment decision (FID) for the expansion of production capacity at the field. The Leviathan production platform is located nearly 10 kilometers off the coast of Dor, Israel. The project is aimed at increasing natural gas production to boost supply to Israel and support exports.
Project Scope
Chevron mentioned that the expansion project will involve drilling three more wells at the offshore field and installing additional subsea equipment to support gas delivery and production at the platform. Additionally, the project will include the upgradation of treatment facilities at the production platform to process increased volumes. These developments are intended to support the increase in total gas supply from the field to approximately 21 billion cubic meters annually. Chevron expects the increase in gas volumes to support Israel’s domestic requirements and regional exports.
Chevron Strengthens Its Presence in the Eastern Mediterranean
Chevron has highlighted that it is one of the major companies in the Eastern Mediterranean’s energy sector, with its operations mainly focused on natural gas production. The company continues to invest in its operations in the Eastern Mediterranean to support domestic and regional energy demand.
The company expects the Leviathan expansion project to be completed and become operational by 2030. CVX’s ongoing efforts to develop Israel’s natural gas resources are expected to support the energy needs of people, particularly in Israel, Egypt and Jordan and contribute to the region’s energy security. The Leviathan expansion project further strengthens Chevron’s natural gas operations in Israel.
Chevron’s Regional Portfolio
Chevron Mediterranean Limited is the operator of the Leviathan natural gas reservoir with a 39.66% stake in the field. Israel’s NewMed Energy is a working interest partner in the field with a 45.34% stake, along with Ratio Energies holding the remaining 15%. Chevron is committed to the development of energy resources in the Eastern Mediterranean and the Middle East. The company also holds interests in the Tamar gas-producing field in Israel and the Aphrodite gas field offshore Cyprus.
Subsea7 helps build underwater oil and gas fields. It is a leading player in the global offshore energy industry, providing engineering, construction and related services at offshore oil and gas fields. The long-term outlook for energy demand remains positive, and Subsea7’s focus on cost-efficient deepwater projects strengthens the position of its subsea business.
Oceaneering International delivers integrated technology solutions across all stages of the offshore oilfield lifecycle. The company is a leading provider of offshore equipment and technology solutions to the energy industry. OII’s proven ability to deliver innovative, integrated solutions supports ongoing client retention and new business opportunities, ensuring steady revenue growth.
FuelCell Energy is a clean energy company offering low-carbon energy solutions. It produces power using flexible fuel sources such as biogas, natural gas and hydrogen. The company designs fuel cells that generate electricity through an electrochemical process that combines fuel with air, reducing carbon emissions and minimizing the environmental impact of power generation. As such, FCEL is anticipated to play a crucial role in the energy transition by enabling industries and communities to shift from traditional fossil fuels to low-carbon alternatives.
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Chevron & Partners Approve Leviathan Expansion Project in Israel
Key Takeaways
Chevron Corporation (CVX - Free Report) , a U.S. oil and gas giant, announced that its subsidiary Chevron Mediterranean Limited (CML) and its partners at the Leviathan natural gas reservoir have reached a final investment decision (FID) for the expansion of production capacity at the field. The Leviathan production platform is located nearly 10 kilometers off the coast of Dor, Israel. The project is aimed at increasing natural gas production to boost supply to Israel and support exports.
Project Scope
Chevron mentioned that the expansion project will involve drilling three more wells at the offshore field and installing additional subsea equipment to support gas delivery and production at the platform. Additionally, the project will include the upgradation of treatment facilities at the production platform to process increased volumes. These developments are intended to support the increase in total gas supply from the field to approximately 21 billion cubic meters annually. Chevron expects the increase in gas volumes to support Israel’s domestic requirements and regional exports.
Chevron Strengthens Its Presence in the Eastern Mediterranean
Chevron has highlighted that it is one of the major companies in the Eastern Mediterranean’s energy sector, with its operations mainly focused on natural gas production. The company continues to invest in its operations in the Eastern Mediterranean to support domestic and regional energy demand.
The company expects the Leviathan expansion project to be completed and become operational by 2030. CVX’s ongoing efforts to develop Israel’s natural gas resources are expected to support the energy needs of people, particularly in Israel, Egypt and Jordan and contribute to the region’s energy security. The Leviathan expansion project further strengthens Chevron’s natural gas operations in Israel.
Chevron’s Regional Portfolio
Chevron Mediterranean Limited is the operator of the Leviathan natural gas reservoir with a 39.66% stake in the field. Israel’s NewMed Energy is a working interest partner in the field with a 45.34% stake, along with Ratio Energies holding the remaining 15%. Chevron is committed to the development of energy resources in the Eastern Mediterranean and the Middle East. The company also holds interests in the Tamar gas-producing field in Israel and the Aphrodite gas field offshore Cyprus.
CVX’s Zacks Rank and Key Picks
CVX currently carries a Zacks Rank #3 (Hold).
Some top-ranked stocks from the energy sector are Subsea7 S.A. (SUBCY - Free Report) , Oceaneering International (OII - Free Report) and FuelCell Energy (FCEL - Free Report) . While Subsea7 currently sports a Zacks Rank #1 (Strong Buy), Oceaneering and FuelCell carry a Zacks Rank #2 (Buy) each. You can see the complete list of today’s Zacks #1 Rank stocks here.
Subsea7 helps build underwater oil and gas fields. It is a leading player in the global offshore energy industry, providing engineering, construction and related services at offshore oil and gas fields. The long-term outlook for energy demand remains positive, and Subsea7’s focus on cost-efficient deepwater projects strengthens the position of its subsea business.
Oceaneering International delivers integrated technology solutions across all stages of the offshore oilfield lifecycle. The company is a leading provider of offshore equipment and technology solutions to the energy industry. OII’s proven ability to deliver innovative, integrated solutions supports ongoing client retention and new business opportunities, ensuring steady revenue growth.
FuelCell Energy is a clean energy company offering low-carbon energy solutions. It produces power using flexible fuel sources such as biogas, natural gas and hydrogen. The company designs fuel cells that generate electricity through an electrochemical process that combines fuel with air, reducing carbon emissions and minimizing the environmental impact of power generation. As such, FCEL is anticipated to play a crucial role in the energy transition by enabling industries and communities to shift from traditional fossil fuels to low-carbon alternatives.