Latest News

CORRECTED-GASTECH-Chevron plots LNG growth in Europe with regasification terminal talks, executive says

As part of its plan to increase its global presence on the liquefied gas market, U.S. oil giant Chevron has begun early-stage discussions to explore potential opportunities in European Regasification Terminals.

Since the invasion of Ukraine by Russia in 2022, Europe has drastically reduced its Russian gas imports.

Chevron has increased its LNG trading activities significantly. The company is under contract to export 7,000,000 tons of LNG per year from the U.S. beginning in 2026. Although not operating on the same scale as Shell or TotalEnergies yet, the company is still a major global energy firm.

Freeman Shaheen is the president of global gas at Chevron. He spoke on the sidelines the Gastech Conference in Milan.

"We're in talks with several European players about regasification." He declined to provide any further information.

Since 2022, Europe's imports of Russian pipeline gas have dropped sharply. The European Commission has urged its member states to stop relying on Russian fossil fuels before 2027.

Experts in the industry say that additional capacity for regasification will be necessary to meet demand, as LNG plays a growing part in the energy mix of Africa.

He said, "At Chevron, we want to manage from the molecule all the way to our customers."

He said that the Eastern Mediterranean was a priority region and floating LNG (FLNG), which is a gas supply to Egypt and Jordan, from Israel's Leviathan field, was one of the options under consideration to help expand the Leviathan gasfield.

He said that Chevron's activities in the Eastern Mediterranean helped provide vital energy to millions in the area.

Chevron signed long-term contracts with U.S. companies, including Energy Transfer Cheniere Venture Global LNG.

Shaheen stated that the company was "very satisfied with its portfolio base" and saw long-term value from its mix of contracts.

Our diverse global natural gas assets cover Asia Pacific, Eastern Mediterranean and West Africa. They also include the Permian Basin and U.S. Gulf Coast. We're meeting the rising demand with our expanding LNG capacity, strategic partnerships and other means.

(source: Reuters)