Chevron Seeks Global LNG Expansion Amid Rising Energy Security Risks
Chevron is looking to expand its liquefied natural gas (LNG) portfolio globally, particularly in Argentina, the East Mediterranean, Australia, and Africa. The company's president of global gas, Freeman Shaheen, said diversifying sources and contracting arrangements has become increasingly important due to supply disruptions linked to the Ukraine war and Iran conflict.
Chevron currently expects to have about 20 million metric tonnes per annum of LNG supply capacity, including 16 million tonnes from its projects and 4 million tonnes contracted from the US Gulf Coast. The company is eyeing expansion in Argentina, citing the development of crude oil and gas resources, as well as the East Mediterranean region, where Chevron has already received approval to become operator and lead gas exploration in an offshore block off Greece.
Chevron's growth opportunities are being weighed against capital requirements in Venezuela, where the company plans to invest more than $7 billion to double oil output by 2031. Shaheen said India remains a potential market for Chevron, but the company is hesitant due to India's focus on headline prices.