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Chevron Eyes LNG Supply Deals With Europe

LNG

Chevron is negotiating possible LNG supply contracts to Europe for the duration of 15 years as European buyers are expecting the region to rely for longer than previously thought on gas, Colin Parfitt, head of Chevron's trading, shipping and pipeline operations, said, cited by Reuters.

  • The new willingness by buyers to agree on long-term supply deals comes after several European governments rolled back some green policies citing higher costs and economic concerns. European buyers initially sought short-term LNG supply contracts of up to five years, but recent deals show the region’s willingness to sign longer-term contracts.
  • "There's been an evolution over the past 18 months from short-term and spot supply deals to longer term commitment," Parfitt said.
  • "European customers want medium-term deals in the up to 15 years space and we're working on some commercial deals," he added.
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