Chevron Targets Diversified Global Gas Portfolio Amid Middle East Crisis
Chevron is looking to expand its global gas portfolio in response to growing demand from buyers concerned about energy security due to the crisis in the Middle East, President of Global Gas Freeman Shaheen said.
The company's current LNG supply capacity stands at about 20 million metric tons per annum, comprising 16 million tons of net gas production from its projects and 4 million tons contracted from the U.S. Gulf Coast that commenced in February this year.
Chevron sees great prospects in Argentina, particularly with the development of crude and gas in that marketplace, as well as in the East Mediterranean, where it has already won approval to become operator and lead gas exploration in an offshore block off Greece.
The company is also looking at opportunities in Australia and Africa, provided the projects offer the right capital, fiscal, and regulatory terms. In June, Chevron won approval to become operator and lead gas exploration in an offshore block off Greece, expanding its presence there.