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OIL giant Chevron Chevron-Japan Tokyo Electric Power TepCo Wheatstone LNG Project gas deal is Australia’s largest

By Amarendra Bhushan for CEOWORLD Magazine Updated:December 7, 2009

US OIL giant Chevron Corporation (NYSE:CVX) on has signed a deal with Tokyo Electric Power Company, Inc. (TYO:9501) Co. deliver liquefied natural gas for up to 20 years from the Wheatstone Project in northwestern Australia, it is estimated to be worth a record-breaking $90 billion. Under the two-part deal, Tokyo Electric will also acquire 15 per cent of Chevron’s holding in the huge gas field off the coast of Western Australia.

That tops the nation’s previous biggest export agreement, ExxonMobil’s $50 billion contract to supply LNG to China from the massive Gorgon field, also in WA, unveiled in August.

They include subsea gas gathering for the Wheatstone and Iago fields, an offshore production platform, as well as a 200-kilometre pipeline that will link the platform to the onshore gas plant at Ashburton North, 12 kilometres west of Onslow.

The initial phase of the Wheatstone project will have the capacity to process 8.6 MTPA of LNG and will include a domestic gas plant. A final investment decision is expected in 2011.

In October, Chevron announced it had signed a binding agreement with Apache Julimar Pty Ltd, a subsidiary of the Apache Corporation, which will assume a 16.25 percent equity interest in the Wheatstone project, and KUFPEC Australia (Julimar) Pty Ltd, a subsidiary of the Kuwait Foreign Petroleum Exploration Company k.s.c., which will assume a 8.75 percent interest in the project.

TepCo is the biggest consumer of LNG in Japan, accounting for about one-third of the country’s imports, and bought 20 million tonnes of LNG over the 12 months to the end of March. It also adds to the fierce rivalry between Woodside and Chevron, which have clashed repeatedly in recent months in the scramble to develop the massive liquefied natural gas (LNG) projects.

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Tagged with: Chevron Corporation, ExxonMobil, LNG, TepCo, Tokyo Electric Power Company, Wheatstone Project

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