Chevron-led $2.36B Leviathan expansion FID boosts Israeli gas exports

Chevron and partners (NewMed Energy, Ratio Oil) confirmed a $2.36 billion Final Investment Decision in early January 2026 to expand the Leviathan offshore field, raising annual production capacity from 12 bcm to roughly 21 bcm. Three new wells, expanded subsea infrastructure and platform upgrades will support Israel's 15-year, $35 billion deal to supply 130 bcm to Egypt through 2040 plus continued exports to Jordan, reinforcing Israel's position as the eastern Mediterranean's anchor gas supplier.