Chevron Expands Global LNG Portfolio Amid Energy Security Concerns

Chevron Corp. is expanding its global liquefied natural gas (LNG) portfolio to address energy security concerns stemming from conflicts in Ukraine, West Asia, and tensions between the United States and Iran. The company currently maintains an LNG supply capacity of approximately 20 million metric tons per annum, consisting of 16 million tons of net production and 4 million tons contracted from the U.S. Gulf Coast.

Freeman Shaheen, Chevron's President of Global Gas, identified Argentina and the East Mediterranean as high-prospect areas for growth. As part of this strategy, the company recently won approval to lead gas exploration in an offshore block off Greece. Shaheen also noted potential opportunities in Australia and Africa, though these remain contingent on regulatory and fiscal terms. He further expressed interest in securing a deal in India, despite that market being heavily driven by headline prices.

These expansion efforts are being balanced against a planned investment of over $7 billion to double oil output in Venezuela by 2031. Shaheen observed that state-backed importers are increasingly shifting toward portfolio suppliers rather than government-to-government arrangements to avoid spot market volatility. This shift follows a 2024 agreement with Sembcorp to deliver up to 0.6 million tons of LNG per annum starting in 2028.