Chevron Restarts Operations at Leviathan Gas Field After Ceasefire

Chevron Corporation CVX has resumed operations at the Leviathan natural gas field off Israel’s Mediterranean coast following a temporary suspension triggered by the Iran-Israel conflict. The restart comes after a ceasefire agreement and a security reassessment by Israeli authorities. As the operator of Leviathan, Chevron prioritized safety while preparing for a quick recovery once the situation stabilized. This move underscores Chevron’s ability to navigate complex geopolitical environments without compromising long-term energy commitments to Israel, Egypt and Jordan.Leviathan Gas Field ShutdownIn response to an emergency directive issued by Israel’s Energy Ministry, due to growing national security concerns following escalating tensions with Iran, Chevron shut down its operations at the giant Leviathan natural gas field on June 13.With a stall in Leviathan field operations, a significant share of Israel’s export capacity got stuck, disrupting the vital energy corridor linking the Mediterranean with North Africa and Europe. The move also cut a key gas supply route to Egypt just as summer demand surged.Minimizing Disruptions, Maximizing ReliabilityThe temporary halt at Leviathan, which was active since June 13, led to an estimated $12 million in revenue loss. Chevron and its partners acted swiftly to mitigate the impact, aligning closely with government directives. The resumption of Leviathan ensures the continuity of gas exports that supply nearly 15-20% of Egypt’s energy demand. With operations now restored, Egypt is preparing to restart gas supplies to industrial sectors, a testament to the critical role Chevron plays in regional energy stability.Leviathan Project: Biggest Natural Gas Field in the MediterraneanLeviathan ranks among the largest deepwater natural gas fields globally. It is the most stable and robust energy hub in the Mediterranean. Located in the Levant Basin, the field has seen approximately 85 trillion cubic feet of hydrocarbon discoveries over the past two decades. Thanks to its vast resource base, Leviathan’s natural gas reserves have grown around 40% in the past 10 years. The project, jointly developed by NewMed Energy (45.34%), Chevron Mediterranean (39.66%) and Ratio Energies (15%), is one of the region’s largest gas ventures, supplying natural gas to Israel, Egypt and Jordan.Looking Ahead: Expansion and Infrastructure ReadinessCurrently producing 12 billion cubic meters (bcm) of gas annually, Leviathan is set to expand output to 14 bcm by 2026, reinforcing its role as a major regional supplier.Egypt receives its imports in the form of liquefied natural gas for regasification in the country. Although Egypt has three floating storage and regasification units (“FSRU”), currently, only one is operational. The Energos Eskimo FSRU is expected to be activated soon and will be relocated to the Sumed terminal, where it will connect to the national gas grid.Chevron’s presence continues to support the energy growth, including Egypt’s LNG regasification infrastructure. With more FSRUs expected to come online soon, Chevron remains committed to enhancing regional resilience and enabling energy security across interconnected markets.CVX’s Zacks Rank & Key PicksHouston, TX-based Chevron is one of the largest publicly traded oil and gas companies that participates in every aspect related to energy, from oil production to refining and marketing. Currently, CVX has a Zacks Rank #3 (Hold).Investors interested in the energy sector might look at some better-ranked stocks like BKV Corporation BKV, Subsea 7 S.A. SUBCY and Oceaneering International, Inc. OII. While BKV and Subsea 7 currently sport a Zacks Rank #1 (Strong Buy) each, Oceaneering carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.BKV Corporation is an energy company that produces natural gas from its owned and operated upstream businesses. The Zacks Consensus Estimate for BKV’s 2025 earnings indicates 338.18% year-over-year growth.Subsea 7 operates as an engineering, construction and services contractor to the offshore energy industry worldwide. The Zacks Consensus Estimate for SUBCY’s 2025 earnings indicates 95.52% year-over-year growth.Houston, TX-based Oceaneering is one of the leading suppliers of offshore equipment and technology solutions to the energy industry. The Zacks Consensus Estimate for OII’s 2025 earnings indicates 57.02% year-over-year growth.Research Chief Names "Single Best Pick to Double"From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.This company targets millennial and Gen Z audiences, generating nearly $1 billion in revenue last quarter alone. A recent pullback makes now an ideal time to jump aboard. Of course, all our elite picks aren’t winners but this one could far surpass earlier Zacks’ Stocks Set to Double like Nano-X Imaging which shot up +129.6% in little more than 9 months.Free: See Our Top Stock And 4 Runners UpWant the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Chevron Corporation (CVX): Free Stock Analysis Report Oceaneering International, Inc. (OII): Free Stock Analysis Report Subsea 7 SA (SUBCY): Free Stock Analysis Report BKV Corporation (BKV): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks Weiter zum vollständigen Artikel bei Zacks