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Chevron Explores Mediterranean LNG Export Terminal: A Gateway to Energy Opportunities
Chevron Explores Mediterranean LNG Export Terminal: A Gateway to Energy Opportunities

Chevron Explores Mediterranean LNG Export Terminal: A Gateway to Energy Opportunities

  • 26-Jul-2023 4:52 PM
  • Journalist: Peter Schmidt

Europe: To serve as an export hub for Asia and Europe, Chevron is thinking about building a floating LNG terminal in the Eastern Mediterranean. The Eastern Mediterranean was "being supplied really well, so [there's] going to be another development," said Chevron's global head of gas, in that market, looking into floating LNG.

The parent firm of Noble Energy is Chevron, and it has investments in several significant offshore gas projects in the Mediterranean Sea near Israel. The largest, Leviathan, has recoverable reserves of more over 600 billion cubic meters, or 440 million tons of liquefied natural gas.

After Freeman Shaheen, Chevron's top gas executive, stated that the company had no intentions to expand LNG capacity in the United States, the study was released a few days later. The choice basically came down to investing abroad, notably in the Eastern Mediterranean, or increasing the Permian's well-drilling capacity.

With assets totalling around 2.2 million acres, Chevron is the major operator in the Permian, and its output there has been increasing. And even while it might not be profitable to construct an LNG facility along the Gulf shore, doing so off the Israeli Mediterranean shore seems profitable.

It seems obvious that the location would be significantly closer to the two current largest LNG markets, Asia, and Europe. As a result, more purchasers would be able to afford the LNG produced at the future port, increasing producer profitability. Exports from the facility are expected to start at the latest in the late 2020s, according to Shaheen, though particular production capacity and timeframes are currently unclear.

Chevron Corporation, an American multinational energy company, primarily focuses on the production and exploration of oil and gas. As the second-largest direct successor of Standard Oil, it traces its roots back to the Standard Oil Company of California.

It operates in more than 180 countries and has its headquarters in San Ramon, California. Chevron is vertically integrated within the oil and gas industry and is involved in hydrocarbon exploration, production, refining, marketing, and transportation as well as the production and sale of chemicals and electricity. One of the greatest corporations in the world, Chevron is the second-largest oil company based in the United States in terms of revenue, only behind ExxonMobil, another descendant of Standard Oil.

With US$162.5 billion in revenue, Chevron was rated 37th on the Fortune Global 500 and 16th on the Fortune 500 in 2022. Since ExxonMobil left the Dow Jones Industrial Average in 2020, the business is also the last-standing supplier of oil and gas.

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