Chevron is working to expand its natural gas activities across four continents. The company intends to offer a diverse LNG supply to its customers by developing its resources in Argentina, the Mediterranean, Africa, and Australia. Freeman Shaheen, head of global gas at Chevron, stated in an interview that the energy crisis caused by tensions in the Middle East has led buyers to seek diversity in supply and various contractual structures.
Expansion in Argentina and the Mediterranean
Chevron is expanding its activities in the Vaca Muerta shale field in Argentina and is developing this field alongside other major American producers. This field, with its high natural gas production capacity, is recognized as one of the main energy supply centers for the future. Additionally, Chevron is creating a portfolio of exploration blocks in the deep waters of Greece and Cyprus.
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LNG Projects in Australia
In Australia, Chevron manages two major LNG projects named Gorgon and Wheatstone. The Gorgon project, with a production capacity of 15.6 million tons per year, is the largest LNG project in Australia. The Wheatstone project is capable of producing 8.9 million tons of LNG per year. Together, these two projects account for about 5 percent of global LNG supply.
In Africa, Chevron is also strengthening its exploration efforts and increasing the success rate of discoveries. Last month, the company announced a new oil and gas condensate discovery in the deep waters of Angola, which includes over 2000 feet of hydrocarbons in an exploratory well in Block 0. This discovery could be directly connected to the company's existing production infrastructure in the country.
Chevron aims to increase its LNG portfolio in the coming years and has planned to diversify its supply from Argentina to the Mediterranean and Africa. The company's goal is to meet customer needs for diverse LNG supply that is not dependent on any chokepoints for transportation.
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