Chevron expands global LNG footprint to enhance energy security

Chevron is seeking to expand its global liquefied natural gas (LNG) portfolio to address growing demand for energy security amid geopolitical instability in the Middle East. Freeman Shaheen, Chevron’s president for global natural gas, noted that recent disruptions, including the war in Ukraine and conflicts involving Iran, have highlighted the necessity for diversifying supply sources and contract types.

The company currently maintains an annual LNG supply capacity of approximately 20 million metric tons. This includes 16 million tons from its own production and 4 million tons through supply contracts from the U.S. Gulf Coast.

Key regions of interest for expansion include Argentina, due to its developing oil and gas reserves, and the Eastern Mediterranean. Chevron has already strengthened its presence in Greece by acquiring a 70% stake in Block 10 in the South Ionian Sea, acting as the operator. The company is also monitoring opportunities in Australia and Africa, provided they meet specific investment, tax, and regulatory requirements.