Chevron (CVX) is considering expanding its global gas portfolio to the Mediterranean and Argentina to meet growing demand amid the crisis in the Middle East, Reuters reported Monday, citing the President of Global Gas, Freeman Shaheen.

The crisis in the Middle East reinforces the need for greater supply diversity and different contracting structures, Shaheen said. Chevron will have about 20 million metric tons per year of LNG supply capacity, comprising 16 million tons of net gas production from its projects and 4 million tons contracted from the US Gulf Coast, the report said.

Shaheen said Chevron sees great prospects in Argentina, while the East Mediterranean is also an attractive area. The company also sees further opportunities in Australia and Africa, provided projects offer suitable capital, fiscal and regulatory terms, Shaheen said.

Japan continues to be Chevron's home base, while Singapore offers attractive structural opportunities and China and Korea remain appealing markets, Shaheen said. As for India, Shaheen said the market is still evolving and is expected to offer significant opportunities over time.

Chevron did not immediately respond to requests for comment from MT Newswires.

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