Chevron: Natural gas to play “long-term” role in curbing emissions

Alix Steel and David Wethe, Bloomberg June 07, 2023

(Bloomberg) – Chevron Corp. said natural gas will play a long-term role in curbing emissions, bucking some environmental groups that see the fuel’s role as a temporary bridge to a low-carbon economy.

To that end, European buyers are signing more gas-delivery contracts of a decade or more in duration as they seek replacement sources of the heating and power-plant fuel formerly supplied by Russia, said Colin Parfitt, Chevron’s Vice President of Midstream.

“We see a long demand for natural gas,” Parfitt said during an interview with Bloomberg TV on Tuesday. “But we don’t think it’s just an intermediate step. We see that as a long term step.”

Parfitt’s comments came a week after Chevron shareholders overwhelmingly shot down activist demands for tougher emission targets.

Connect with World Oil
Connect with World Oil, the upstream industry's most trusted source of forecast data, industry trends, and insights into operational and technological advances.