Chevron has approved the expansion of Israel’s Leviathan Gas Field

Chevron has made a final decision to invest in expanding production at Israel's Leviathan gas field. The oil major announced on Friday that it has made a final investment decision to expand production?at Israel's Leviathan natural gas field,?the?U.S.

Leviathan is one of the largest gas fields in the Eastern Mediterranean and the cornerstone of Israel’s energy system. The exports of gas to Egypt help supply LNG plants which ship gas to Europe.

Chevron has said that the expansion will increase total gas deliveries to Leviathan to about 21 billion cubic metres per annum.

Leviathan's expansion project should be completed by the end of this decade.

Leviathan has three partners: Chevron Mediterranean Ltd, the operator, with a stake of 39.66%, NewMed Energy, with 45.34% and Ratio Energies, with 15%.

Jack Baker, the managing director of Chevron Eastern Mediterranean Region, said: "This milestone shows?our commitment to partner with Israel to develop natural gas resources and to provide essential energy for millions of people in Israel, Egypt, and Jordan."

Chevron has a broader portfolio of assets in the Eastern Mediterranean, including Tamar offshore Israel as well as Aphrodite offshore Cyprus. Both are currently under development. (Reporting by Chandni Shah and Arunima Kumar in Bengaluru; Editing by Mrigank Dhaniwala)

(source: Reuters)