Chevron takes Final Investment Decision on Leviathan gas expansion

Chevron Corporation (NYSE: CVX) by its subsidiary, Chevron Mediterranean Limited (CML), and the working interest owners of the Leviathan natural gas reservoir have reached a Final Investment Decision (FID) to expand the production capacity of the strategic Leviathan production platform located offshore Israel.

“Chevron is a leading energy player in the Eastern Mediterranean where we are focused on natural gas production and exports. Our operations are critical to meeting the growing energy needs of local and regional markets,” said Clay Neff, president of Chevron Upstream.

“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.”

The Leviathan expansion project is expected to come online towards the end of this decade.

The project includes drilling three additional offshore wells, adding additional subsea infrastructure, and enhancing the treatment facilities on the Leviathan production platform as we progress towards increasing total gas delivery to Israel and the region to approximately 21 billion cubic meters (BCM) annually from the Leviathan reservoir.

“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,” said Jack Baker, managing director of Chevron’s Eastern Mediterranean region.

The Leviathan production platform is located approximately 10 kilometers offshore Dor, Israel.

Leviathan working interest owners include Chevron Mediterranean Limited as operator (39.66%), NewMed Energy (45.34%), and Ratio Energies (15%).

In addition to Leviathan, Chevron’s assets in the Eastern Mediterranean include the Tamar gas producing field (offshore Israel), and the Aphrodite gas field which is currently in development (offshore Cyprus). Chevron is also the operator of 2 Egyptian exploration blocks and is in a non-operated joint venture (NOJV) in one Egyptian exploration block (in the Mediterranean Sea).

SOCAR Acquires 10% Stake in Baleine Oil and Gas Field Development Project

SOCAR has signed an agreement with Eni S.p.A. to acquire a 10% participating interest in the development project of the Baleine oil and gas field located offshore Côte d’Ivoire.

The Agreement was signed between SOCAR President Rovshan Najaf and Eni S.p.A. CEO Claudio Descalzi on the sidelines of the World Economic Forum Annual Meeting 2026.

This transaction represents SOCAR’s entry to Africa’s vast oil and gas resources and aligns strategically with SOCAR’s global expansion vision.

The transaction also forms part of a broader strategic collaboration between SOCAR and Eni S.p.A across various segments of the energy industry.

The implementation of this agreement and the closing of the transaction are subject to obtaining the necessary approvals from relevant regulatory authorities, as well as the fulfillment of other customary terms and conditions.

Baleine is considered one of the largest oil and gas discoveries made in West Africa in recent years. The giant offshore oil and gas field was discovered in 2021, with production commencing in 2023.

Baleine field currently produces over 62,000 barrels of oil and more than 75 million cubic feet (approximately 2.1 million cubic meters) of gas per day from Phases 1 and 2 of its development. With the launch of Phase 3, production is expected to rise to 150,000 barrels of oil and 200 million cubic feet (approximately 5.7 million cubic meters) of gas per day.

It is particularly noteworthy that Baleine is Africa’s first net-zero emissions offshore oil and gas project.