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Chevron inks new deal for Wheatstone LNG

May 15, 2012 at 6:17 AM   |   Comments

CANBERRA, Australia, May 15 (UPI) -- U.S. supermajor Chevron announced it signed a deal to deliver liquefied natural gas from the Wheatstone project Australia to markets in Asia.

Chevron, along with Apache Energy and Kuwait Foreign Petroleum Exploration Co., reached a non-binding heads of agreement with Tohoku Electric Power Co. Inc. for the delivery of up to 1 million tons per year of liquefied natural gas for the next 20 years.

In September, the Australian government issued a positive environmental assessment for the Wheatstone natural gas project. That project consists of facilities that could produce nearly 9 million tons of LNG per year for Chevron.

Chevron said that more than 80 percent of its LNG from Wheatstone is covered under long-term agreements with customers in Asia.

"This off-take agreement for Wheatstone demonstrates our Australian LNG projects are in the right geographic location at the right time to meet Asia's rapidly growing demand for cleaner burning natural gas," Roy Krzywosinski, managing director for Chevron Australia, said in a statement.

© 2012 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
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