Chevron Corp. (CVX) has restarted natural gas production at the Leviathan field in the Eastern Mediterranean, ending a 33-day suspension and increasing the facility's maximum output. The resumption on April 8, 2026, boosts the field's capacity by 1.2 billion cubic meters (bcm) to a total of 14 bcm annually, reinforcing regional energy security.
The halt was initiated to allow for the connection of a new subsea pipeline, a key component of the Leviathan partners' capacity expansion project. "The successful completion of this work enhances the stability of the Eastern Mediterranean energy market," a company spokesperson said. The project is critical for meeting growing demand in Israel, Egypt, and Jordan, and for potential exports to Europe.
The Leviathan field, a cornerstone of Chevron's regional strategy since its acquisition of Noble Energy, is now capable of delivering approximately 1.4 billion cubic feet per day (Bcf/d). The increased capacity is expected to put downward pressure on regional natural gas prices, which had seen volatility during the production halt.
This expansion is a key part of Chevron's plan to solidify its position as a major energy supplier in the Eastern Mediterranean. The additional volume from Leviathan is crucial for both regional consumption and for fulfilling long-term export contracts, particularly with Egypt, which uses the gas for its own needs and for re-export as liquefied natural gas (LNG). The move is seen as bullish for Chevron, restoring a significant revenue stream and demonstrating operational progress on key assets.
This article is for informational purposes only and does not constitute investment advice.
