Chevron is now by far the fastest growing liquefied natural gas (LNG) producer worldwide, according to a new analysis by Evaluate Energy.
Between now and 2020, the company's equity stake in additional LNG capacity totals 17 million tones, dwarfing the expansion plans of most other companies and even outpacing capacity additions by Qatar Petroleum, which will remain the world's largest LNG producer in 2020.
Most of the growth in Chevron's capacity will take place within the next five years. The expansion plans will move Chevron up the ranking so that by 2020, the company will rank sixth worldwide after Petronas. Qatar Petroleum and Sonatrach will retain their current top positions as the world's largest producers, followed by Shell and ExxonMobil.
Chevron operates or holds interests in a number of LNG supply projects under development in Australia, including the Gorgon project, one of the world's largest natural gas projects and Australia's largest single resource project. The project will develop the Greater Gorgon Area gas fields off the northwest coast of Western Australia and includes the construction of a 15 million metric ton per year LNG plant on Barrow Island, a domestic gas plant and LNG shipping facilities to transport products to international markets.
The company also is developing the Wheatstone LNG project, which will provide a foundation for commercialization of the Wheatstone and Iago fields, as well as future gas development opportunities in the western half of the Carnarvon Basin. Chevron holds a non-operated working interest in the North West Shelf venture.
Chevron also is participating in LNG projects in Angola, Nigeria and Venezuela.
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