“We have been mostly focused on Asia because that’s where our assets are, and now we are focused much more globally, because we are adding assets that fit much better to meet demand into Europe,” Parfitt said in an interview at the Gastech conference in Milan. Chevron also has a role in the Angola LNG Project and operations in Equatorial Guinea.
Europe is in the grip of the worst energy crisis in decades, with gas and electricity prices reaching record levels and pushing up bills for households and industries, and bringing risks of recession and social unrest.
Executives from US LNG producers and suppliers have flocked to Gastech to meet with European buyers eager to hash out deals to bring more supply to the continent. Chevron is having talks with companies “from all over Europe,” Parfitt said. He declined to elaborate on whether the company would seek further contracts to take US LNG.
Chevron is also building its gas trading activities in London, Singapore and Houston as it adds more staff, he said.
The company, which is active in gas production in Israel, is looking at how to expand output there, and supply the fuel to neighboring markets or convert it into LNG and send it to Europe. Floating LNG production is an option, Parfitt said.
“Then you open up world markets,” he said. “That opens up Europe for us.”