Chevron, as the operator of the Leviathan gas field offshore Israel, recently signed a $35 billion gas export agreementwith Blue Ocean Energy. The deal secures the export of approximately 130 billion cubic meters (bcm) of natural gas between 2026 and 2040.
According to NewMed Energy, a key partner in the project, the agreement includes:
- Phase 1: Supply of 19.82 bcm, starting in early 2026.
- Phase 2: Export of 109.87 bcm following infrastructure expansion (known as Leviathan Phase 1B).
Infrastructure Expansion Underway
To support this expansion, several infrastructure projects are underway:
- A third pipeline will connect Leviathan’s subsea wells to the shallow-water platform, boosting production to over 14 bcm/year.
- A new offshore pipeline from Ashdod to Ashkelon will expand delivery capacity through the EMG pipeline to Egypt by an additional 1.98 bcm annually.
- A new land-based pipeline to Nitzana, developed by Israel’s national utility, will further facilitate exports to Egypt.
When fully operational, Leviathan’s total exports to Egypt are projected to reach 11.89 bcm per year.
“This is the most strategically significant export agreement ever signed in the Eastern Mediterranean,” said Yossi Abu, CEO of NewMed, emphasizing Egypt’s emerging role as a regional energy hub.
Chevron Eyes Greek Waters
Chevron also confirmed non-binding interest in Greece’s offshore hydrocarbon exploration areas, particularly in the Ionian Sea and south of Crete. The company has signaled its potential participation in the upcoming international tender launched by the Greek state.
“The Eastern Mediterranean is a vital part of our future and a top strategic priority,” a Chevron spokesperson said in a statement to To Vima newspaper.
This declaration reflects Chevron’s intention to assess geological prospects in Greece, potentially aligning with Europe’s drive for indigenous energy sources.
ExxonMobil Returns to Libya After a Decade
After a 10-year absence due to security concerns, ExxonMobil is re-entering Libya, having signed a Memorandum of Understanding (MoU) with the Libyan National Oil Corporation (NOC).
The MoU outlines:
- A detailed geological and geophysical survey in four offshore blocks in the Sirte Basin and the northwest coast.
- Renewed strategic cooperation between ExxonMobil and the NOC for the resumption of exploration activities.
A Strategic Move Amid Global Shifts
NOC Chairman Masoud Suleiman emphasized the improved investment climate, noting that contractual terms are now more favorable and reflect the global shifts in energy strategy.
ExxonMobil is also among the companies that have expressed interest in NOC’s latest bid round, which offers 22 offshore and onshore blocks for international investors.
Greece: An Emerging Player in the Regional Game
ExxonMobil also maintains exploration licenses offshore west and southwest of Crete, in partnership with TotalEnergies and Hellenic Petroleum (HELPE). These areas are believed to have significant natural gas potential, adding strategic value to Greece’s role in the wider Mediterranean energy matrix.
Energy, Security, and Geopolitics Intertwined
The return of Big Oil to the Eastern Mediterranean is more than an industry development — it is deeply geopolitical. With Europe urgently seeking alternatives to Russian gas and reconfiguring its energy security strategy, the region has become a vital source of supply diversification.
Meanwhile, the regional energy infrastructure — pipelines, LNG terminals, and export routes — is evolving, driven by multibillion-dollar investments and high-level diplomatic engagement.
Strategic Positioning in a Fragmented Energy World
Chevron and ExxonMobil’s renewed presence in the Eastern Mediterranean marks a strategic pivot. The investments in Israel, Libya, and Greece reflect long-term bets on natural gas as a bridge fuel in the energy transition, and a geopolitical tool in an increasingly fragmented global order.
As energy diplomacy gains momentum, the region — long defined by its complexity — may emerge as a cornerstone of Euro-Mediterranean energy cooperation, with Big Oil once again playing a decisive role.
Source: pagenews.gr