Chevron Expands Leviathan Gas Production Capacity to 21 BCM Annually for Israel, Egypt, and Jordan
Written by Emily J. Thompson, Senior Investment Analyst
Updated: 1h ago
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Source: Newsfilter
- Investment Decision: Chevron and its joint venture partners have reached a Final Investment Decision to expand production capacity at the Leviathan gas field, aiming for an annual delivery of 21 billion cubic meters of natural gas by the end of this decade to meet the growing energy needs of Israel, Egypt, and Jordan.
- Infrastructure Upgrade: The project will involve drilling three new offshore wells, adding subsea infrastructure, and enhancing treatment facilities, thereby improving overall production efficiency and further solidifying Chevron's market position in the Eastern Mediterranean.
- Regional Energy Security: Chevron's expansion plan reflects confidence in the future of energy in the region, aiming to enhance energy security and attract investment, fostering economic development and cooperation in the Middle East.
- Commitment to Partnership: Chevron's collaboration with Israel will provide essential energy to millions, demonstrating its ongoing commitment to developing natural gas resources and supporting sustainable economic growth in the region.
Analyst Views on CVX
Wall Street analysts forecast CVX stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for CVX is 177.50 USD with a low forecast of 158.00 USD and a high forecast of 204.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
16 Analyst Rating
13 Buy
3 Hold
0 Sell
Strong Buy
Current: 167.240
Low
158.00
Averages
177.50
High
204.00
Current: 167.240
Low
158.00
Averages
177.50
High
204.00
About CVX
Chevron Corporation is an integrated energy company. The Company produces crude oil and natural gas; manufactures transportation fuels, lubricants, petrochemicals and additives; and develops technologies that enhance its business and industry. The Company’s segments include Upstream and Downstream. Upstream operations consist primarily of exploring for, developing, producing and transporting crude oil and natural gas; liquefaction, transportation and regasification associated with LNG; transporting crude oil by major international oil export pipelines; processing, transporting, storage and marketing of natural gas; carbon capture and storage; and a gas-to-liquids plant. Downstream operations consist primarily of the refining of crude oil into petroleum products; marketing crude oil, refined products, and lubricants; manufacturing and marketing of renewable fuels, and transporting of crude oil and refined products by pipeline, marine vessel, motor equipment and rail car.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
