Chevron, like its US supermajor counterpart ExxonMobil, has focused its upstream efforts close to home in recent years, on the Permian basin in particular (MEES, 3 February). But Exxon has a key overseas ‘side bet’ in the deepwater off Guyana and Brazil. Comments from Chevron executives indicate they see the East Mediterranean fulfilling the same role.
“It’s a high priority.” Those were the words of Chevron CEO Mike Wirth when asked to speak about the US major’s East Med assets on his firm’s 27 January earnings call. Mr Wirth reminded listeners that his firm took FID late last year on expanding output capacity at the 13tcf Tamar gas field offshore Israel from 1.1bn cfd to 1.6bn cfd (MEES, 9 December 2022). “The first gas from that should come online in early 2025,” he says. The major (25%op) and its partners which comprise several Israeli firms and UAE state firm Mubadala (11%) previously said that an initial 100mn cfd increment will be added in Q1 2025 with the completion of a new pipeline, with a further 400mn cfd to be added in late 2025 following the addition of at least one new production well and additional compression stations in Jordan and southern Israel. (CONTINUED - 970 WORDS)