Chevron Eyes LNG Expansion in Argentina, Eastern Mediterranean Amid Energy Security Concerns

Chevron is considering expanding its liquefied natural gas portfolio in Argentina and the Eastern Mediterranean, said Freeman Shaheen, Chevron Global Gas President. Speaking at the Gastech conference in Bangkok, Thailand, Shaheen noted that buyer interest in diversified gas sources has increased due to energy security concerns amid the crisis in the Middle East.

According to Shaheen, disruptions in the gas market have highlighted the importance of different supply sources and contract models. Chevron expects its LNG supply capacity to amount to about 20 million tonnes per year, with 16 million tonnes coming from net gas production within its own projects and another 4 million tonnes from contracted volumes from the U.S. Gulf Coast.

The company also sees opportunities in Australia and Africa, but decisions will depend on capital, fiscal, and regulatory conditions. Chevron is already operating Australia's largest LNG project, Gorgon, as well as the Wheatstone project, with a significant share of its Australian supplies sent to Japan.