SEATTLE (Oil Monster): U.S. oil major Chevron Corporation is exploring opportunities in European regasification terminals. The move is part of the company’s efforts to significantly expand its presence in the liquefied natural gas (LNG) market. It must be noted that the U.S. has emerged as the leading LNG supplier to Europe, ever since it reduced imports of Russian natural gas, following Russian invasion of Ukraine in 2022.
Chevron has already entered into a contract toward export of 7 million tons of LNG per annum from the U.S. starting next year. Of late, the company has been ramping up its LNG trading operations. The company has been in discussions with several European players around regasification. It targets to tap existing as well as additional infrastructure, said Freeman Shaheen, President of Global Gas at Chevron.
Chevron highlighted the Eastern Mediterranean region as a region of high strategic priority for the company. It plans to support the expansion of Israel's Leviathan gas field through floating LNG (FLNG). It must be noted that LNG is predicted to play a key role in the continent’s energy mix.
Chevron has already signed long-term agreements with U.S. firms, including Energy Transfer, Cheniere and Venture Global LNG.
