Chevron Eyes Wider LNG Footprint Amid Global Supply Shocks
Chevron is expanding its liquefied natural gas (LNG) portfolio in response to supply shocks and conflicts in key regions. The company's president of global gas, Freeman Shaheen, cited the Ukraine war in 2022 and the Iran conflict this year as major disruptions that have cut supplies from Russia and Qatar.
Chevron aims to increase its LNG supply capacity to about 20 million metric tons per annum, combining 16 million tons of net production and 4 million tons from U.S. Gulf Coast contracts. The company is evaluating new projects in Argentina, the eastern Mediterranean, Australia, and Africa.
Shaheen noted that Chevron sees 'great prospects' in Argentina with crude and gas development, as well as opportunities in the East Mediterranean. He also mentioned additional growth prospects in Australia and Africa, provided that new projects meet Chevron's requirements on capital efficiency, fiscal terms, and regulatory conditions.