Chevron is pursuing expansion of its global liquefied natural gas portfolio across multiple regions including Argentina, the Mediterranean, Australia, and Africa to address growing demand from buyers concerned about energy security following recent geopolitical disruptions in the Middle East, according to Freeman Shaheen, President of Global Gas at the energy major. The company's strategic expansion comes in response to two major supply disruptions in global gas markets over the past four years. The 2022 Ukraine war and the ongoing Iran conflict this year have disrupted supplies from major producers Russia and Qatar, driving liquefied natural gas prices higher and prompting importers to seek diverse supply sources.
Chevron currently operates approximately 20 million metric tons per annum of LNG supply capacity. This comprises 16 million tons of net gas production from the company's existing projects and 4 million tons of contracted supply from the U.S. Gulf Coast, which commenced operations in February this year and is expected to ramp up over the coming years according to existing agreements.
Shaheen emphasized the importance of supply diversification and varied contracting structures in his comments at the Gastech conference in Bangkok. He stressed that relying solely on spot markets, which lack the liquidity of crude and product markets, exposes buyers to unnecessary risk. Argentina presents significant opportunities for Chevron through the development of crude and gas resources in the country.
The East Mediterranean region is identified as another particularly attractive area for expansion. In June, Chevron secured approval to become operator and lead gas exploration activities in an offshore block off Greece, strengthening its regional position. The company is also evaluating opportunities in Australia and Africa, though Shaheen did not specify which African locations are under consideration.
All potential projects must meet specific capital, fiscal, and regulatory criteria to advance. The U.S.-Iran conflict has reinforced Chevron's commitment to building a more geographically diversified gas portfolio. These expansion plans must be balanced against other significant commitments, particularly in Venezuela, where Chevron and its partners plan to invest more than 7 billion dollars to more than double oil output by 2031.
Regarding India, which was identified in the headline as a potential deal location, Shaheen stated he would welcome a deal with the country but noted that Indian buyers are highly focused on headline pricing. He characterized India as an evolving market with considerable long-term opportunities. Chevron's existing Australian operations include the country's largest LNG project, Gorgon, and the Wheatstone facility.
A significant portion of Australian supply is directed to Japan, which remains the company's primary market base in the region. Chevron also identified Singapore and Japan as markets with strong structural opportunities. In 2024, the company signed a contract with Sembcorp Industries to supply up to 0.6 million tons per annum of LNG from 2028 to Singapore.
Global LNG buyers are increasingly shifting how they secure supply, with state-backed importers becoming more willing to negotiate directly with portfolio suppliers rather than relying exclusively on government-to-government arrangements. This change in market structure presents new opportunities for companies like Chevron. Source: Reuters, reported by Emily Chow and Florence Tan, September 14, 2026.
Source: reuters.com