Chevron Pushes into Emerging Markets for Diversified LNG Supplies
Chevron is expanding its global liquefied natural gas (LNG) portfolio as energy-security concerns drive buyers to seek more diversified and reliable supplies. The company sees growth opportunities in Argentina, the East Mediterranean, Australia, Africa, and emerging markets such as India.
Recent disruptions linked to the Russia-Ukraine war and the Iran conflict have highlighted the risks of depending heavily on a limited number of gas suppliers. Chevron believes these events are reinforcing the need for diversity in both supply sources and contracting structures.
The company expects to have about 20 million metric tons per annum of LNG supply capacity, including 16 million tons from its projects and another 4 million tons contracted from the U.S. Gulf Coast. Argentina has emerged as an important area of interest for Chevron, supported by the country's developing crude oil and natural gas resources.
Chevron is evaluating opportunities in Australia and Africa, although potential projects will need to offer suitable capital, fiscal, and regulatory conditions. The company will have to prioritize these opportunities alongside major existing investments, such as its $7 billion investment in Venezuela to more than double oil production by 2031.