By Pieter Cleppe
US energy giant Chevron considers the East Mediterranean as a key growth opportunity for its LNG business, along with US LNG gas, S&P Global Commodity Insights reports.
The company told S&P Global Commodity Insights:
“Our global footprint has changed, and we’re trying to enable some of that supply to Europe where it is clearly needed at the moment…The US has plenty of gas — it’s just a question of liquefying it and transporting it, while the East Mediterranean is close to Europe. Those are the obvious places to help Europe with its supply need”.
The company has a large gas position in the East Mediterranean, after its acquisition of Noble Energy in 2020.
It further comments on the EU memorandum of understanding with Israel and Egypt on the potential for Israeli gas to be piped to Egypt and then liquefied for supply to Europe:
“With Europe wanting to move away from Russian gas, it clearly needs another gas source to fill that gap…Taking Israeli gas through LNG plants that are already built to get your gas to market seems sensible…In Europe, demand will kick up in the short to medium term as you have substitution for Russian gas,” he said.
#Eastmed #pipeline will be fully completed by 2025, ENI Chief Operating Officer Guido Brusco said today in Milan-The subsea pipeline designed to supply gas to EU from the east Med sea in #Italy via #Israel,#Greece, #Cyprus worth 6 bil euros, been in planning for several years! pic.twitter.com/N9gQmUZFj1
— Christos G Failadis (@xfailadis) September 6, 2022
Egypt is exporting more LNG and more of it is going to Europe, rather than Asia (unlike 2021).
In Q1 2022, the top destinations were Turkey, Spain, South Korea, France, Thailand and Greece.
East Med gas doing its part for European energy security. pic.twitter.com/4ysj5jc6B6
— Nikos Tsafos (@ntsafos) April 13, 2022
In October 2021, Turkey was the number one recipient of Egyptian LNG. So despite Turkey's refrain about being "cut out" of the "East Med gas game," it is now the top destination for this gas. A reminder that political theater is one thing, and hard, commercial reality is another. pic.twitter.com/2EwuO5Lut4
— Nikos Tsafos (@ntsafos) November 4, 2021