\nChevron 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.<\/p>\n
\n\u201cChevron 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,\u201d said Clay Neff, president of Chevron Upstream.<\/p>\n
\n\u201cOur decision to invest in the expansion of Leviathan\u2019s 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.\u201d<\/p>\n
\nThe Leviathan expansion project is expected to come online towards the end of this decade.<\/p>\n
\nThe 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.<\/p>\n
\n\u201cThis 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,\u201d said Jack Baker, managing director of Chevron\u2019s Eastern Mediterranean region.<\/p>\n
\nThe Leviathan production platform is located approximately 10 kilometers offshore Dor, Israel.<\/p>\n
\nLeviathan working interest owners include Chevron Mediterranean Limited as operator (39.66%), NewMed Energy (45.34%), and Ratio Energies (15%).<\/p>\n
\nIn addition to Leviathan, Chevron\u2019s 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).<\/p>\n
About Chevron<\/b><\/p>\n
\nChevron is one of the world\u2019s leading integrated energy companies. We believe affordable, reliable and ever-cleaner energy is essential to enabling human progress. Chevron produces crude oil and natural gas; manufactures transportation fuels, lubricants, petrochemicals and additives; and develops technologies that enhance our business and the industry. We aim to grow our oil and gas business, lower the carbon intensity of our operations and grow new energies businesses. More information about Chevron is available at www.chevron.com<\/a>.<\/p>\n \nNOTICE<\/p>\n As used in this news release, the term \u201cChevron\u201d and such terms as \u201cthe company,\u201d \u201cthe corporation,\u201d \u201cour,\u201d \u201cwe,\u201d \u201cus\u201d and \u201cits\u201d may refer to Chevron Corporation, one or more of its consolidated subsidiaries, or to all of them taken as a whole. All of these terms are used for convenience only and are not intended as a precise description of any of the separate companies, each of which manages its own affairs. Structural cost reductions describe decreases in operating expenses from operational efficiencies, divestments, and other cost saving measures that are expected to be sustainable compared with 2024 levels.<\/i><\/p>\n Please visit Chevron\u2019s website and Investor Relations page at www.chevron.com<\/a> and www.chevron.com\/<\/a> investors, LinkedIn: www.linkedin.com\/company\/chevron<\/a>, X: @Chevron, Facebook: www.facebook.com\/chevron<\/a>, and Instagram: www.instagram.com\/chevron<\/a>, where Chevron often discloses important information about the company, its business, and its results of operations. Chevron also publishes a \u201cSensitivities and Forward Guidance\u201d document with consolidated guidance and sensitivities that is updated quarterly and posted to the Chevron website the month prior to earnings calls.<\/i><\/p>\n CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION FOR THE PURPOSE OF \u201cSAFE HARBOR\u201d PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995<\/b><\/p>\n This news release contains forward-looking statements relating to Chevron\u2019s operations, assets and strategy that are based on management\u2019s current expectations, estimates, and projections about the petroleum, chemicals, and other energy-related industries. Words or phrases such as \u201canticipates,\u201d \u201cexpects,\u201d \u201cintends,\u201d \u201cplans,\u201d \u201ctargets,\u201d \u201cadvances,\u201d \u201ccommits,\u201d \u201cdrives,\u201d \u201caims,\u201d \u201cforecasts,\u201d \u201cprojects,\u201d \u201cbelieves,\u201d \u201capproaches,\u201d \u201cseeks,\u201d \u201cschedules,\u201d \u201cestimates,\u201d \u201cpositions,\u201d \u201cpursues,\u201d \u201cprogress,\u201d \u201cdesign,\u201d \u201cenable,\u201d \u201cmay,\u201d \u201ccan,\u201d \u201ccould,\u201d \u201cshould,\u201d \u201cwill,\u201d \u201cbudgets,\u201d \u201coutlook,\u201d \u201ctrends,\u201d \u201cguidance,\u201d \u201cfocus,\u201d \u201con track,\u201d \u201ctrajectory,\u201d \u201cgoals,\u201d \u201cobjectives,\u201d \u201cstrategies,\u201d \u201copportunities,\u201d \u201cpoised,\u201d \u201cpotential,\u201d \u201cambitions,\u201d \u201cfuture,\u201d \u201caspires\u201d and similar expressions, and variations or negatives of these words, are intended to identify such forward-looking statements, but not all forward-looking statements include such words. These statements are not guarantees of future performance and are subject to numerous risks, uncertainties and other factors, many of which are beyond the company\u2019s control and are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. The reader should not place undue reliance on these forward-looking statements, which speak only as of the date of this news release. Unless legally required, Chevron undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.<\/i><\/p>\n Among the important factors that could cause actual results to differ materially from those in the forward-looking statements are: changing crude oil and natural gas prices and demand for the company\u2019s products, and production curtailments due to market conditions; crude oil production quotas or other actions that might be imposed by the Organization of Petroleum Exporting Countries and other producing countries; technological advancements; changes to government policies in the countries in which the company operates; public health crises, such as pandemics and epidemics, and any related government policies and actions; disruptions in the company\u2019s global supply chain, including supply chain constraints and escalation of the cost of goods and services; changing economic, regulatory and political environments in the various countries in which the company operates; general domestic and international economic, market and political conditions, including the conflict between Russia and Ukraine, the conflict in the Middle East and the global response to these hostilities; changing refining, marketing and chemicals margins; the company\u2019s ability to realize anticipated cost savings and efficiencies associated with enterprise structural cost reduction initiatives; actions of competitors or regulators; timing of exploration expenses; changes in projected future cash flows; timing of crude oil liftings; uncertainties about the estimated quantities of crude oil, natural gas liquids and natural gas reserves; the competitiveness of alternate-energy sources or product substitutes; pace and scale of the development of large carbon capture and offset markets; the results of operations and financial condition of the company\u2019s suppliers, vendors, partners and equity affiliates; the inability or failure of the company\u2019s joint-venture partners to fund their share of operations and development activities; the potential failure to achieve expected net production from existing and future crude oil and natural gas development projects; potential delays in the development, construction or start-up of planned projects; the potential disruption or interruption of the company\u2019s operations due to war, accidents, political events, civil unrest, severe weather, cyber threats, terrorist acts, or other natural or human causes beyond the company\u2019s control; the potential liability for remedial actions or assessments under existing or future environmental regulations and litigation; significant operational, investment or product changes undertaken or required by existing or future environmental statutes and regulations, including international agreements and national or regional legislation and regulatory measures related to greenhouse gas emissions and climate change; the potential liability resulting from pending or future litigation; the company\u2019s ability to successfully integrate the operations of the company and Hess Corporation and achieve the anticipated benefits and projected synergies from the transaction; the company\u2019s future acquisitions or dispositions of assets or shares or the delay or failure of such transactions to close based on required closing conditions; the potential for gains and losses from asset dispositions or impairments; government mandated sales, divestitures, recapitalizations, taxes and tax audits, tariffs, sanctions, changes in fiscal terms or restrictions on scope of company operations; foreign currency movements compared with the U.S. dollar; higher inflation and related impacts; material reductions in corporate liquidity and access to debt markets; changes to the company\u2019s capital allocation strategies; the effects of changed accounting rules under generally accepted accounting principles promulgated by rule-setting bodies; the company\u2019s ability to identify and mitigate the risks and hazards inherent in operating in the global energy industry; and the factors set forth under the heading \u201cRisk Factors\u201d on pages 20 through 27 of the company\u2019s 2024 Annual Report on Form 10-K and in subsequent filings with the U.S. Securities and Exchange Commission. Other unpredictable or unknown factors not discussed in this news release could also have material adverse effects on forward-looking statements<\/i><\/p>\n View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20260115527100\/en\/<\/a><\/span><\/p>\n<\/p>\n
![\"Logo\"](\"https:\/\/mms.businesswire.com\/media\/20260115527100\/en\/827248\/3\/Chevron_logo_2020.jpg\"){kind=icon}
<\/td>\n<\/tr>\n