Chevron Targets European LNG Market as Gas Demand Surges
- Company developing avenues to channel supplies to continent
- US firm also exploring options to boost production in Israel
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Chevron Corp. is developing its liquefied natural gas business, with a new focus on Europe where nations are rapidly embracing the fuel as they seek to free themselves from dependence on Russian energy.
The US major is increasing gas production and exploring ways to deliver more of the fuel to Europe as Russia curtails shipments. The strategy involves harnessing assets that target Europe, such as fields in Israel, and utilizing contracts purchasing US LNG, said Colin Parfitt, vice president for midstream at Chevron.