Chevron says near FID to expand Leviathan gas field

[Chevron Retail Gas Station. Chevron traces its roots to the Standard Oil Corporation IV]
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Chevron (CVX [https://seekingalpha.com/symbol/CVX]) said Wednesday it is nearing a final investment decision [https://www.reuters.com/business/energy/chevron-nears-final-green-light-expansion-israeli-leviathan-gas-field-2025-11-05/] for a capacity expansion of the Leviathan gas field off Israel's Mediterranean coast, but it is waiting for an Israeli permit to export the gas to Egypt as part of a $35 billion deal.

Chevron (CVX [https://seekingalpha.com/symbol/CVX]) and Israeli partners NewMed (OTCPK:DKDRF [https://seekingalpha.com/symbol/DKDRF]) and Ratio in August signed the largest export agreement in the country's history, worth up to $35 billion, to supply gas to Egypt mainly via new pipelines, but Israel's Energy Minister Eli Cohen has refused to approve the gas export agreement to Egypt until a "fair price" for Leviathan's gas is agreed upon.

Cohen's office said last week that U.S. Energy Secretary Chris Wright canceled his planned visit to Israel over the issue.

Under the anticipated $2.4 billion expansion, Leviathan, which has reserves of 600 billion cm, would sell ~130 Bcm of gas to Egypt through 2040, or until all of the contract quantities are fulfilled.

Chevron (CVX [https://seekingalpha.com/symbol/CVX]) is Leviathan's operator and owns a 40% stake, while Tel Aviv-listed NewMed (OTCPK:DKDRF [https://seekingalpha.com/symbol/DKDRF]) and Ratio holds respective 45% and 15% stakes.

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