Chevron Diversifies LNG Portfolio Amid Middle East Crisis

Chevron, a US oil major, is looking to expand its liquefied natural gas (LNG) portfolio from Argentina to the eastern Mediterranean and potentially Africa. This move comes as repeated disruptions to major gas-producing regions have pushed buyers to prioritize security and diversity of supply.

Freeman Shaheen, Chevron's president of global gas, emphasized the importance of diversifying supply structures in light of recent geopolitical shocks. He noted that the current crisis has reinforced the need for energy buyers to avoid excessive exposure to spot markets, which lack depth and liquidity compared to crude oil and refined-product markets.

Chevron already has a substantial LNG footprint in Australia, where it operates the country's largest LNG project, Gorgon, as well as the Wheatstone project. The company has also secured contracts with Japan, Singapore, China, and South Korea, which remain attractive markets for Chevron's LNG supply.