Chevron is nearing a final greenlight on the expansion of Israel's Leviathan Gas Field

Chevron said that it is close to making a final decision on a possible capacity expansion for the Leviathan field, located off Israel's Mediterranean Coast.

NewMed, Chevron’s partner in this field, said that in August partners in the Leviathan gas field signed a $35 billion deal, the largest in Israel’s history for gas exports to Egypt. This was mainly done via new pipelines.

The deal will ease Egypt's energy crisis. Egypt has spent billions on imported liquefied gas because its own supply fell short of the demand.

Leviathan will be selling gas to Egypt in the amount of 130 billion cubic meters (bcm) per year, until 2040 or the full contract quantity is met.

NewMed stated that Leviathan's $2.4 billion expansion should enable production and supply within Israel and its neighbours until 2064.

Chevron is the operator of Leviathan, and holds 40%. Tel Aviv's NewMed owns around 45%, while Ratio holds 15%. (Reporting and writing by Shadia Naralla, Steven Scheer and Shadia Naralla. Editing and proofreading by Joe Bavier and Jan Harvey.

(source: Reuters)