12:02 PM EDT, 09/20/2024 (MT Newswires) -- Chevron ( CVX ) is not interested in investing in US liquefied natural gas plant construction deeming it an inefficient use of capital since it can "easily" sell its US gas, Reuters reported, citing Colin Parfitt, vice president of Chevron's ( CVX ) midstream.

Chevron ( CVX ) can sell its US gas without converting it to LNG due to a strong midstream market and plans to leverage LNG output through agreements with developers like Cheniere Energy (LNG) and Venture Global LNG, despite the latter's contract disputes, according to the news outlet.

Parfitt dismissed the possibility of acquiring an equity stake in Woodside Energy's ( WDS ) reportedly pending purchase of Driftwood LNG, based in Louisiana, Reuters said, adding that Woodside previously expressed a willingness to sell up to 50% of the 27.6 million tons per annum Driftwood project.

Parfitt also mentioned that large LNG projects often face delays, and the Biden administration's pause on export approvals for non-free trade agreement countries will further hinder the next phase of development, according to the report.

Chevron ( CVX ) didn't immediately respond to a request for comment from MT Newswires.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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