Chevron Targets Diversified LNG Portfolio Amid Middle East Crisis
Chevron is expanding its global liquefied natural gas (LNG) portfolio to meet growing demand from buyers concerned about energy security due to the crisis in the Middle East. President of Global Gas Freeman Shaheen said that the company is looking to increase its LNG supply capacity and reduce its reliance on spot markets, which are less liquid than crude and products.
Chevron currently has 20 million metric tons per annum of LNG supply capacity, comprising 16 million tons of net gas production from its projects and 4 million tons contracted from the U.S. Gulf Coast. The company is also eyeing opportunities in Argentina, where it sees great prospects for the development of crude and gas, as well as the East Mediterranean.
Shaheen mentioned that Chevron is also looking at opportunities in Australia and Africa, provided the projects offer the right capital, fiscal, and regulatory terms. The company has already expanded its presence in Greece by winning approval to become operator and lead gas exploration in an offshore block.