Chevron Corp and its native companions have agreed on a $2.36-billion last funding choice (FID) for stage 1 of a undertaking to boost manufacturing within the Leviathan pure gasoline and condensate area offshore Israel.
Anticipated to start out operation within the second half of 2029, the primary stage of Part 1B goals to extend capability to about 21 billion cubic meters (741.61 billion cubic toes) a yr, consortium member NewMed Power LP stated in a inventory submitting on Friday. On August 21, 2025, it stated the Power and Infrastructures Ministry had authorized Part 1B.
Leviathan, found 2010 off the coast of Haifa metropolis, went onstream December 2019 beneath Part 1A, which has a capability of about 12 Bcm every year, in accordance with NewMed Power.
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Chevron upstream president Clay Neff stated in a separate assertion issued on-line by america vitality large, “Chevron is a number one vitality participant within the Japanese Mediterranean, the place we’re targeted on pure gasoline manufacturing and exports”.
“Our choice to put money into the enlargement of Leviathan’s manufacturing capability displays our confidence in the way forward for vitality within the area”, Neff added.
Neff claimed, “Pragmatic U.S. and regional vitality insurance policies are serving to to strengthen vitality safety throughout the Japanese Mediterranean and foster an surroundings that encourages funding within the Center East and globally”.
“This milestone demonstrates our ongoing dedication to associate with the state of Israel to develop pure gasoline sources and supply important vitality to hundreds of thousands of individuals in Israel, Egypt and Jordan”, stated Jack Baker, Chevron managing director for the Japanese Mediterranean.
NewMed Power’s regulatory disclosure stated, “Based on the event plan, Stage One of many Growth Venture consists of the drilling and completion of three extra manufacturing wells, the addition of supplementary subsea programs and enlargement of the processing programs on the platform, with the goal of accelerating the put in capability of the platform as much as approx. 23 Bcm per yr. Nonetheless, Stage One of many Growth Venture is predicted to extend the entire gasoline manufacturing capability of the Leviathan Venture as much as approx. 21 Bcm per yr, inter alia given restrictions of the subsea pipeline”.
The rise to about 23 Bcm could be achieved beneath stage 2. The second stage is topic to regulatory approvals and settlement on additional funding for a fourth pipeline between the sphere and the platform and extra subsea installations, in accordance with NewMed Power. The consortium expects to make a FID on stage 2 “within the coming years”, it stated.
The submitting additionally stated all situations for the entry into pressure of an amended settlement signed final yr between the Leviathan consortium and their present buyer Blue Ocean Power had been fulfilled. The brand new deal, introduced by NewMed Power August 7, 2025, raises gasoline exports to Egypt by a complete quantity of 130 Bcm.
On December 17, 2025 NewMed Power stated the consortium had acquired approval from Israel’s Power and Infrastructures Ministry for the elevated gasoline exports to Egypt.
On October 26, 2025 NewMed Power stated Israel’s Pure Fuel Authority has allotted 41.8 % of the capability of the deliberate Nitzana pure gasoline pipeline from Israel to Egypt to the Leviathan consortium. The allocation is equal to about 175.56 billion British thermal models per day, in accordance with NewMed Power. “Chevron, on behalf of the Leviathan companions, signed an modification to the Transmission Settlement meant to mirror the up to date allotted fee”, it stated.
Chevron operates Leviathan with a 39.66 % stake via Chevron Mediterranean Ltd. NewMed Power, owned by Israel’s Delek Group, owns 45.34 %. Ratio Energies LP, additionally an Israeli firm, holds 15 %.
To contact the creator, electronic mail jov.onsat@rigzone.com
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