Liquified natural gas is only set to grow in importance. According to Chevron (NYSE:CVX), demand will double by 2025. That's why the company, along with Apache Corp. (NYSE:APA), ExxonMobil (NYSE:XOM), and Royal Dutch Shell (NYSE:RDS-A), is completing $80 billion worth of LNG projects off the coast of Australia.
Through these two projects, Chevron anticipates increasing its Asia-Pacific production by 45% once 2018 rolls around. Next year will see the first production from the company's Gorgon project, followed shortly thereafter with the slightly less expensive Wheatstone facility. For more information, tune in to the following short video clip.
Offshore drilling is vitally important to this industry leader as well
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This segment is from Thursday's edition of Digging for Value, in which sector analysts Joel South and Taylor Muckerman discuss energy and materials news with host Alison Southwick. The twice-weekly show can be viewed on Tuesdays and Thursdays. It can also be found on Twitter, along with our extended coverage of the energy and materials sectors: @TMFEnergy.
Alison Southwick and Joel South have no position in any stocks mentioned. Taylor Muckerman owns shares of Cheniere Energy. The Motley Fool recommends Chevron. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.