Chevron considers Argentina and Eastern Mediterranean for LNG expansion
In Bangkok, Thailand, Chevron Global Gas President Freeman Shaheen said that Chevron is considering opportunities to expand its liquefied natural gas portfolio in Argentina and the Eastern Mediterranean. He said this on the sidelines of the Gastech conference, Asharq Al-Awsat reports.
According to Shaheen, buyer interest in diversified gas sources has increased due to energy security concerns amid the crisis in the Middle East. He noted that disruptions in the gas market have increased the importance of different supply sources and contract models so that buyers do not depend on the spot market.
Portfolio expansion plans
Chevron expects its LNG supply capacity to amount to about 20 million tonnes per year. Of this volume, 16 million tonnes will come from net gas production within its own projects, while another 4 million tonnes will come from contracted volumes from the U.S. Gulf Coast. Deliveries under these contracts began in February and are expected to increase over the coming years in accordance with the agreements concluded.
Shaheen described the development of oil and gas projects in Argentina as promising, while calling the Eastern Mediterranean an interesting direction for the company. Chevron also sees opportunities in Australia and Africa, but decisions will depend on capital, fiscal and regulatory conditions.
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In June, Chevron received permission to become the operator and lead gas exploration at an offshore block off the coast of Greece. At the same time, the company will assess new opportunities alongside its plans in Venezuela: Chevron and its partners intend to invest more than $7 billion there to more than double oil production by 2031.
Key sales markets
Chevron already operates Australia's largest LNG project, Gorgon, as well as the Wheatstone project. A significant share of the company's Australian supplies is sent to Japan. Shaheen called Japan a core market for Chevron and pointed to opportunities in Singapore, adding that China and South Korea also remain attractive markets.
In 2024, Chevron concluded an agreement to supply Singapore's Sembcorp Industries with up to 0.6 million tonnes of LNG per year starting in 2028. The company is also interested in an agreement with India, although, according to Shaheen, Indian buyers are largely price-oriented.
