Chevron Diversifies LNG Supply Amid Energy Crisis

Chevron is expanding its natural gas business to provide diversified LNG supply to customers. The energy crisis caused by the Middle East conflict has prompted buyers to seek diversity in supply and contracting structures, according to Chevron's President of Global Gas Freeman Shaheen.

The crisis 'just reinforces the need for diversity, diversity of supply and diversity of different contracting structures,' Shaheen said.

Chevron is looking at opportunities in Argentina, the East Mediterranean, Australia, and Africa. In Argentina, the company is expanding its footprint in the Vaca Muerta shale play, alongside other major U.S. producers.

In Australia, Chevron operates two massive LNG projects: Gorgon, with a capacity of 15.6 million tons, and Wheatstone, producing 8.9 million tons annually. The two projects account for about 5% of global LNG supply.