Chevron is seeking to expand its liquefied natural gas (LNG) portfolio across Argentina, the East Mediterranean, Australia and Africa, while exploring a potential supply agreement with India amid renewed concerns over energy security.
Freeman Shaheen, Chevron’s president of global gas, said the company was looking to diversify its sources and contracting arrangements after disruptions linked to the Ukraine war in 2022 and this year’s Iran conflict pushed LNG prices higher and affected supplies from major producers.
“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 in an interview on the sidelines of the Gastech conference in Bangkok, according to Reuters.
Chevron currently expects to have about 20 million metric tonnes per annum of LNG supply capacity. This includes 16 million tonnes of net gas production from its projects and 4 million tonnes contracted from the US Gulf Coast. The US Gulf Coast supply began in February this year and is expected to ramp up over the next few years in line with existing agreements.
“We’re looking to continue to expand that portfolio,” Shaheen said. He identified Argentina and the East Mediterranean as areas with strong potential, citing the development of crude oil and gas resources in Argentina and the region’s prospects. Chevron did not disclose specific projects or investment amounts for possible expansion in Africa, Australia or the eastern Mediterranean.
In June, Chevron received approval to become operator and lead gas exploration in an offshore block off Greece, expanding its presence in the East Mediterranean. The company also has significant operations in Australia, where it operates the Gorgon and Wheatstone LNG projects. A substantial share of its Australian supply is sold to Japan.
Shaheen said Japan remained Chevron’s home base in the region, while Singapore offered structural opportunities. The company signed an agreement with Singapore’s Sembcorp Industries in 2024 to supply up to 0.6 million tonnes per annum of LNG from 2028. China and South Korea also remain attractive markets, he said.
Chevron is weighing these growth opportunities against capital requirements in Venezuela, where the company and its partners plan to invest more than $7 billion to more than double oil output by 2031. Shaheen said the company’s projects would be assessed and ranked as part of its capital allocation process.
India has not yet secured a deal with Chevron, but Shaheen said the company was interested in entering the market. “I’d love to have a deal in India. It’s just they’re very, very headline-price driven,” he said, adding that India was still evolving and could offer opportunities over time.
The comments come as LNG buyers reassess how they secure supplies. According to Shaheen, state-backed importers are increasingly willing to sign contracts with portfolio suppliers instead of relying only on government-to-government arrangements. Chevron’s comments indicate that any future India agreement would need to compete on price while also addressing the country’s interest in reliable and diversified gas supplies.
