Chevron is planning to expand its global liquefied natural gas (LNG) portfolio, with Argentina and the eastern Mediterranean emerging as key areas of interest as buyers seek greater energy security amid geopolitical disruptions. Chevron’s Global Gas President Freeman Shaheen said recent supply shocks linked to the Ukraine war and the conflict involving Iran have highlighted the need for diversified sources and flexible contracting structures. The company currently has around 20 million tonnes per annum of LNG supply capacity, including 16 million tonnes from its own gas production projects and 4 million tonnes contracted from the US Gulf Coast. Chevron is assessing opportunities in Argentina, the eastern Mediterranean, Australia and Africa, while balancing potential investments against major commitments elsewhere, including more than $7 billion planned with partners in Venezuela to expand oil production. The company already operates major LNG projects in Australia, including Gorgon and Wheatstone, with Japan remaining a key market and opportunities also growing in Singapore, China and South Korea. Chevron has previously agreed to supply Singapore-based Sembcorp Industries with up to 0.6 million tonnes of LNG annually from 2028. Shaheen also noted that LNG buyers are increasingly looking beyond traditional government-to-government arrangements and are showing greater willingness to sign long-term contracts with portfolio suppliers. Against this backdrop, Chevron is seeking to build a more geographically diverse LNG portfolio while exploring new markets, including potential opportunities in India, to meet rising demand and reduce exposure to disruptions in individual supply regions.
Chevron Seeks New LNG Opportunities in Argentina and Mediterranean
