Chevron Backs $3B Argentina NGL Project, Eyes Middle East Expansion
CVX•Chevron has joined YPF and Pluspetrol to support TGS’s $3B Argentina NGL project, boosting the likelihood of a final investment decision and expanding its Latin America footprint. CEO Mike Wirth also reiterated openness to further Middle East expansion as global benchmarks dropped over 6% last week on potential Hormuz reopening.
1. Chevron Joins $3B Argentina NGL Project
Chevron has partnered with YPF and Pluspetrol to back TGS’s $3 billion natural gas liquids project in Argentina, a move that strengthens the case for a final investment decision and extends Chevron’s footprint in Latin America’s energy sector.
2. CEO Signals Middle East Expansion
Chief Executive Officer Mike Wirth affirmed that Chevron remains open to pursuing new upstream and midstream opportunities across the Middle East despite regional tensions, highlighting a strategy to diversify production sources and secure long-term oil and gas reserves.
3. Oil Prices Slide Over 6% on Hormuz Reopening Prospects
Brent crude futures fell 3.4% to $87.33 per barrel and ended the week down 6.2% on signs flows through the Strait of Hormuz could resume, potentially easing the largest supply disruption of the recent conflict and exerting downward pressure on energy sector revenues.
