Chevron's Plans for East Med Gas Development

(Cyprus Mail) Dr. Charles Ellinas - Mike Wirth, Chevron's CEO, discussing the company's gas plans, referred to the $673 million "Final Investment Decision" (FID) taken in December 2022 to expand Tamar gasfield production capacity in Israel from 11 billion cubic meters per year to 16bcm/yr, expected to come online in early 2025. Chevron and its partners approved a $100 million budget for the development of Phase 1B of the Leviathan gasfield, including construction of a floating liquefied natural gas facility (FLNG). The choice of FLNG has been reinforced by Europe's reluctance to make longer-term commitments to natural gas. FLNG opens the way for exports to Asia. This puts an end to any hopes that the East Med gas pipeline to Europe could make a comeback. In Egypt, Chevron and Eni have agreed to fast-track the development of the 100 bcm Nargis gasfield. However, development of Cyprus' Aphrodite field is not considered a high priority. The writer is a senior fellow at the Global Energy Center of the Atlantic Council.

2023-03-09 00:00:00

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