Chevron Aims For LNG Dominance

Chevron (NYSE: CVX), the second-largest U.S. oil company, is aiming to become one of the four largest producers of liquefied natural gas in the world over the next decade, surpassing state-run energy producers and rivals such as Exxon Mobil (NYSE: XOM) in the process.

California-based Chevron is looking to become the fourth-largest producer of LNG by 2020 and the second-largest non-state run producer of the fuel behind Royal Dutch Shell (NYSE: RDS-A), Europe's largest oil company.

Chevron's Gorgon and Wheatstone ventures in Australia are among $192 billion of proposed LNG ventures in the Pacific nation targeting Asian demand for cleaner-burning alternatives to coal, according to Bloomberg News.

Qatar Petroleum Ltd. will retain its position as the world's biggest supplier in 2020 while Shell will be second and Algeria's Sonatrach, Bloomberg reported.

Last week, Chevron signed an LNG accord with PetroChina (NYSE: PTR), China's largest oil company, to supply that firm with LNG.