Leviathan Gas Field Expansion and EastMed Pipeline Potential for European Markets
Israel's Leviathan field, holding 635 BCM of gas, aims to enhance energy security in Europe through pipeline projects. The EastMed pipeline could supply gas directly to Greece and Italy, contingent on geopolitical stability and investment decisions.
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The Leviathan gas field, discovered in 2010, has an estimated 635 billion cubic meters of recoverable gas and began commercial production in December 2019. In January 2026, a Final Investment Decision (FID) was made for a $2.36 billion Phase 1B expansion, targeting an increase in annual capacity to 21 BCM by 2029.
Currently, gas is primarily exported to Egypt and Jordan, with indirect flows to Europe. The EastMed pipeline, a proposed 1,900-2,100 km project, aims to transport gas directly to Greece but faces high costs and geopolitical challenges, with no construction timeline confirmed.
The project holds EU Project of Common Interest status but lacks an FID due to economic and diplomatic issues. Investment in Leviathan provides exposure to potential Eastern Mediterranean growth, though risks remain from geopolitics and competition in the global LNG market.
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