The US oil and gas company Chevron has temporarily suspended further planned infrastructure work for expanding the Leviathan gas field, located off the coast of Israel, amid intensified fighting in the Levant. The announcement was made by Chevron’s partner in the venture, NewMed Energy. Chevron has thus decided to suspend work on laying a marine pipeline as part of the third pipeline project until April 2025. According to the original plan, first gas was due to flow through the pipeline in the second half of 2025, but might now be delayed by about six months.
In August 2024, the Leviathan partners NewMed Energy (45.3%), Chevron (39.7%) and Ratio Energies (15%) had approved a US$429m investment plan to expand the Leviathan gas project and to increase production at the field from 12 bcm/year to 21 bcm/year. Leviathan, a deep-sea field with huge deposits, came online at the end of 2019 and produces natural gas sold to Israel, Egypt and Jordan.
Overall, Israel has total proved gas reserves of about 709 bcm (2023). The country produced over 25 bcm and exported more than 11 bcm in 2023.