Speaking at the Barclays CEO Energy-Power conference on 7 September, Chevron CEO Michael Wirth set out the rationale for the shift in his firm’s LNG focus to the Atlantic Basin – a shift that is set to result in the LNG-focused expansion of the firm’s Leviathan project offshore Israel (MEES, 9 September). Chevron’s LNG business has historically had an Asia-Pacific focus because “that’s where the demand has historically been and where the big customers have been,” whilst “historically, in the Atlantic basin, to compete in Europe, you had to compete with Russian piped gas and Russian piped gas wins as long as it’s flowing.”
However, “of course now, things have changed” with a “low likelihood” that the European gas market will ever go back to the status quo ante of reliance on Russia. “I think you’re going to find the Atlantic basin’s a more attractive destination, and I think Europe’s going to need LNG in the mix in a way that historically they may not have.” (CONTINUED - 325 WORDS)
