According to reports from Reuters, Chevron is planning to expand its global gas portfolio across Argentina, the East Mediterranean, Australia and Africa to meet growing demand from buyers concerned about energy security due to the crisis in West Asia. The company will have approximately 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 US Gulf Coast that commenced in February this year and will ramp up over the next few years. As per Reuters, President of Global Gas Freeman Shaheen stated that "We're looking to continue to expand that portfolio" during an interview on the sidelines of the Gastech conference in Bangkok.
As reported by Reuters, President of Global Gas Freeman Shaheen explained that the crisis reinforces the need for diversity in supply and contracting structures. "What we're seeing from this crisis is that it just reinforces the need for diversity — diversity of supply and diversity of different contracting structures," Shaheen said, adding that buyers are increasingly willing to sign contracts with portfolio suppliers rather than relying on government-to-government arrangements. The company sees great prospects out of Argentina with the development of crude and gas in that marketplace, while the East Mediterranean is a very exciting area for expansion. Shaheen noted that "not leaving yourselves susceptible to a spot market that's not really as liquid as crude and products" is crucial for energy security.
According to Reuters, Chevron already has significant operations in Australia, running the country's largest LNG project, Gorgon, and the Wheatstone project, with a large portion of its Australian supply going to Japan. The company inked a deal in 2024 to supply Sembcorp Industries up to 0.6 million tons per annum of LNG from 2028 in Singapore. Shaheen noted that "Japan continues to be our home base, and we have nice structural opportunities into Singapore," while China and Korea remain attractive markets. In Singapore, Chevron inked a deal in 2024 to supply Sembcorp Industries up to 0.6 million tons per annum of LNG from 2028.
As reported by Reuters, Shaheen expressed interest in securing a deal in India but noted challenges with pricing. "I'd love to have a deal in India. It's just they're very, very headline-price driven," Shaheen said, adding that India is still evolving and there will be great opportunities over time. The company won approval in June to become operator and lead gas exploration in an offshore block off Greece, expanding its presence there.
According to Reuters, Chevron faces competing investment priorities as it would invest more than $7 billion to more than double oil output by 2031 in Venezuela. Shaheen noted that "Venezuela has a lot of capital that's going to have to go that way coming up," stating that "Everything is going to get analysed in our project queue and it gets ranked." The company will continue to expand its portfolio while weighing these opportunities against its Venezuela commitments. Shaheen told Reuters that "I've been hearing that Venezuela has a lot of capital that's going to have to go that way coming up."
