Chevron Eyes Argentina, Mediterranean for Global LNG Growth, Deal with India
Chevron is targeting new supply deals and projects as buyers seek more secure LNG sources after market disruptions.
- On Monday, Freeman Shaheen, President of Global Gas at Chevron, announced the company is expanding its natural gas business across Argentina, the Mediterranean, Africa, and Australia to offer customers diversified LNG supply.
- Global gas markets have suffered two major disruptions in the past four years as conflicts in Ukraine and Iran cut supplies from top producers Russia and Qatar, driving prices higher and forcing buyers to seek diversification.
- Chevron aims for 20 million tons of annual LNG supply capacity, building on Australian projects Gorgon and Wheatstone, which account for about 5% of global supply, while recently discovering hydrocarbons offshore Angola.
- "What we're seeing from this crisis is that it just reinforces the need for diversity," Shaheen told Reuters, noting Japan remains the company's home base while exploring structural opportunities in Singapore.
- Potential investments in Venezuela, where partners could spend $7 billion to double oil output by 2031, must be weighed against other opportunities, as Shaheen noted all projects are subject to ranking in the corporate queue.
12 Articles
12 Articles
Chevron eyes Argentina, Mediterranean for global LNG growth, deal with India
Chevron is looking to expand its global gas portfolio from Argentina to the Mediterranean 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.
Chevron Targets Argentina, Mediterranean and Africa as Middle East Crisis Reshapes LNG Supply
Chevron is looking to expand its global liquefied natural gas portfolio from Argentina to the eastern Mediterranean and potentially Africa as repeated disruptions to major gas-producing regions push buyers to place a greater premium on security and diversity of supply. The U.S. oil major currently has about 20 million metric tons per annum of LNG […]
The U.S. oil company identified the country and the Eastern Mediterranean as areas with potential to increase its supply portfolio
Chevron Expands LNG Ambitions as Global Energy Security Returns to Center Stage
This article first appeared on GuruFocus. Chevron's global gas ambitions moved further into focus Monday as supply shocks put energy security back on investors' radar. Chevron (NYSE:CVX), the global integrated oil and gas producer, traded at $214.275 while management mapped out potential LNG…
Chevron (CVX) Weighs Mediterranean And Argentina Gas Push As LNG Routes Shift
Chevron (NYSE:CVX) is weighing an expansion of its global gas portfolio into the Mediterranean and Argentina as supply routes stay strained. The potential move targets additional liquefied natural gas exposure at a time when Middle East disruptions affect trade flows and contracts. Management is evaluating new upstream and export options that would add to the group's existing gas and LNG positions in other regions. Chevron’s push into Mediterran…
The company also stated that, together with its partners, it will invest more than $7 billion to double oil production in Venezuela in 2031.
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