Back in 2010, U.S. oil and gas giant Chevron Corp. (NYSE:CVX), alongside its partners NewMed Energy (OTCPK:DKDRF) and Ratio Oil Corp., discovered the Leviathan Gas Field, one of the world’s largest deep-water gas fields. Spanning 330 square kilometers with 22.9 trillion cubic feet of recoverable gas, Leviathan is the largest natural gas reservoir in the Mediterranean, and one of the largest producing assets in the region. NewMed is Leviathan’s main operator with a 45.3% working interest while Chevron has a 39.7% working interest and Ratio Oil owns a 15% stake.
Meanwhile, Chevron also owns a large stake in the Tamar Gas Field located just 47 kilometers (29 mi) north east of the Leviathan field. Tamar was discovered in 2009 and its development was fast-tracked to meet immediate local needs after Egypt stopped supplying Israel with natural gas. Tamar supplies 70% of Israel’s energy consumption needs for electricity generation. Six production wells at Tamar produce 7.1 to 8.5 million cubic meters of natural gas per day each. The gas field is owned by Chevron Mediterranean Limited (25%), Isramco (28.75%), Tamar Petroleum (16.75%) Mubadala Energy (11%), Tamar Investment 2 (11%), Dor Gas (4%), and Everest (3.5%).
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