Chevron Eyes LNG Expansion Amid Shaken Market

Chevron is exploring an expansion of its liquefied natural gas (LNG) portfolio, targeting opportunities in Argentina, the Eastern Mediterranean, Australia, and Africa. According to the company's president of global gas, favorable fiscal, regulatory, and capital conditions are required for investment.

The LNG market has been shaken by geopolitical shocks, including the war in Ukraine and a recent disruption to Qatari exports due to drone strikes on the Ras Laffan complex. This has pushed prices higher and prompted Asian buyers to diversify their supply sources.

Chevron is building on its existing foothold in Greece, where it has been awarded offshore blocks in partnership with HELLENiQ ENERGY. However, the company's $7 billion investment in Venezuela may weigh on the pace of new gas project commitments elsewhere.