Chevron Declares Force Majeure at Leviathan Field, Exports 300K bpd Venezuelan Crude
Chevron declared force majeure at Israel’s Leviathan field after a government-ordered suspension halted 8.1 billion cubic meters of production and delayed a $2.3 billion expansion from 12 to 21 Bcm capacity. The company exports about 300,000 barrels per day of Venezuelan crude and saw shares climb 1% to record highs.
1. Force Majeure Declared at Leviathan Field
Chevron halted operations at Israel’s Leviathan natural gas field after authorities ordered a shutdown on security grounds, triggering force majeure and pausing delivery of 8.1 billion cubic meters supplied to Israel, Egypt and Jordan in the first nine months of 2025.
2. Expansion Project Delayed
The suspension stalls a $2.3 billion first phase expansion intended to boost capacity from roughly 12 Bcm to about 21 Bcm annually, potentially postponing a $35 billion export deal with Egypt through 2040.
3. Venezuelan Export Volumes
Under U.S. licenses, Chevron moves nearly 300,000 barrels per day of Venezuelan crude into the U.S., leveraging joint ventures and export infrastructure to secure volume and differential margins even if global oil prices moderate.
4. Share Price Reaction
Chevron’s stock climbed about 1% to intraday record highs as rising regional tensions lifted crude prices, underlining investor preference for large, diversified energy producers during geopolitical uncertainty.