Chevron CEO says natural gas pipeline from Israel to Europe could help alleviate shortage
Chevron is also ramping up domestic production in the US Permian Basin, the executive said
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Talks of a natural gas pipeline from Israel to Europe could be rekindled to provide the continent with an alternative to Russian gas amid Putin's invasion of Ukraine, Chevron CEO Michael Wirth said at the CERAWeek conference in Houston on Monday.
The U.S. pulled support earlier this year from the eastern Mediterranean pipeline over economic and environmental concerns. Israel, Greece, Cyprus, and Turkey are still trying to come to terms on the pipeline.
Russia supplies about 40% of Europe's natural gas, with most transported by pipeline through eastern European countries, including Ukraine.
An aerial view shows the newly arrived foundation platform of Leviathan natural gas field, in the Mediterranean Sea, off the coast of Haifa, Israel. (Marc Israel Sellem/File Photo via REUTERS)
The Biden administration reached out to Israel in early February about ramping up natural gas production ahead of Russia's expected invasion of Ukraine, Axios reports.
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Wirth also noted Monday that Chevron is ramping up domestic production in the Permian Basin in Texas and New Mexico.
"Permian finished last year at 600,00 barrels a day," Wirth said at the conference Monday. "We’ll be at least 10% higher by the end of this year."
The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, U.S., November 22, 2019. (REUTERS/Angus Mordant/File Photo)
Chevron aims to produce one million barrels a day in the Permian by 2025, Wirth said.
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The nationwide average for gas in the United States hit a record high on Monday at $4.104, according to GasBuddy, surpassing the previous record in 2008 of $4.103.
The Biden administration is considering a ban on Russian oil imports, but an official told Fox News on Monday that "no decision has been made at this time."
Reuters contributed to this report.