The American multinational gas and energy company Chevron is currently negotiating contracts to supply Europe with liquified natural gas (LNG) for the next 15 years, according to an executive with the organization.

According to Reuters, European imports of super-chilled fuel grew after Russia paused pipeline gas exports following the country’s invasion of Ukraine in 2022.

Buyers originally wanted to acquire short-term LNG supplies of up to five years due to market uncertainty. However, Colin Parfitt, the head of Chevron's trading, shipping and pipeline operations, said November 1 that the focus changed as energy supplies grew.

"There's been an evolution over the past 18 months from short-term and spot supply deals to longer-term commitment," Parfitt said. "After Russia-Ukraine, the initial thoughts we were getting out of Europe were, 'we only want LNG for a short period of time because of the energy transition.’ What I've seen happening in the last year is that lengths of contracts customers are willing to sign have been extended. European customers want medium-term deals in the up to 15 years space, and we're working on some commercial deals."

Parfitt added that the European market "looks well supplied" for the upcoming winter. 

In October 2023, Shell and TotalEnergies signed two separate 27-year-long LNG supply deals with Europe via Qatar, one of the world’s top LNG producers.