A+
14
Positive
The Leviathan expansion FID, the $35bn gas export deal with Egypt and the Cronos FID offshore Cyprus confirm the basin's role as a regional gas hub. Regional conflict, including temporary shutdowns, and the October 2026 election in Israel, where most basin production lies, keep risk elevated. Outlook: Positive.
October 12, 2026
Middle East
Offshore
Gas
The Levantine Basin encompasses approximately 83,000sq km of the eastern Mediterranean, and is bounded to the east by the Levant Transform Zone, to the north by the Tartus Fault, to the northwest by the Eratosthenes Seamount, to the west and southwest by the Nile Delta Basin, and to the south by the limit of compressional structures in the Sinai.
The Basin has become a regional gas hub. In January 2026 the Leviathan partners took FID to lift capacity to about 21bcm/yr, supporting a $35bn export deal with Egypt, while Cyprus' Cronos field (Eni/TotalEnergies) reached FID in July 2026 for export via Egypt's Zohr facilities. Further discoveries and the planned Aphrodite development keep exploration interest high, though regional conflict periodically disrupts production.
Source: ESRI, BGS, USGS & OGA data
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