Chevron Targets Argentina, Mediterranean for LNG Expansion Amid Energy-Security Concerns

Chevron is planning to expand its liquefied natural gas (LNG) portfolio in response to growing energy-security concerns and supply disruptions. Freeman Shaheen, President of Global Gas at Chevron, noted that buyers need greater protection from volatile spot markets.

The company currently has around 20 million metric tons per annum (MMtpa) of LNG supply capacity, including 16 MMtpa of net gas production from its own projects and another 4 MMtpa secured through contracts with US Gulf Coast suppliers. Chevron intends to further increase its LNG portfolio by targeting Argentina and the Mediterranean for new projects.

Shaheen highlighted Argentina as an attractive market due to its expanding oil and natural gas production, while the Eastern Mediterranean is another region Chevron considers strategically promising. The company has also received approval to become operator and lead gas exploration activities in an offshore block near Greece.