• 5 minutes Trump will capitulate on the trade war
  • 7 minutes China 2019 - Orwell was 35 years out
  • 12 minutes Glory to Hong Kong
  • 15 minutes ABC of Brexit, economy wise, where to find sites, links to articles ?
  • 43 mins Is Eating Meat Worse Than Burning Oil?
  • 2 hours Diplomatic immunity
  • 40 mins China & Coal: China's 2019 coal imports set to rise more than 10%: analysts
  • 55 mins Canada Election Deadlock?
  • 14 mins Wonders of US Shale: US Shale Benefits: The U.S. leads global petroleum and natural gas production with record growth in 2018
  • 15 hours Devaluing the Yuan
  • 2 days Here's your favourite girl, Tom!
  • 1 day Clampdown on Chinese capital flight is shutting down their commercial construction in US
  • 4 hours Russia Predicts The Death Of U.S. Shale
  • 8 hours Nigeria Demands $62B from Oil Majors
  • 4 hours IMO 2020:
  • 1 day Fareed Zakaria: Canary in the Coal Mine (U.S. Dollar Hegemony)
  • 8 hours The Ultimate Heresy: Technology Can't Fix What's Broken
Jen Alic

Jen Alic

 

More Info

Premium Content

Chevron Lands Million-Ton LNG Futures Buy in Australia

Chevron has announced that Chubu Electric Power Co. of Japan has signed a binding agreement to purchase 1 million tons of LNG annually from the Wheatstone project in Australia for up to 20 years.

Wheatstone is a joint venture owned by Chevron (64.14%), Apache Energy Ltd. (13%), Kuwait Petroleum Corp. (7%), Royal Dutch Shell Plc. (6.4%), Kyushu Electric Power Co. (1.64%) and PE Wheatstone Pty Ltd., which is partly owned by Tokyo Electric. The Chevron-operated Wheatstone project, in Western Australia, will eventually have an 8.9 million-ton annual LNG capacity with two LNG trains and a gas plant. Wheatstone will begin supplying LNG in 2016. 

Related article: LNG Exports Threaten High Gas Prices in the US as Shale Production Slows

The deal means that more than 80% of Chevron’s equity LNG from Wheatstone is already covered under long-term purchase agreements with Asian customers. It also signals that the Wheatstone project has solidly demonstrated its geographical status and market capacity to supply Asia customers.

Chevron (NYSE: CVX) is very well-positioned here. Overall, it holds an 80.17% equity interest in Wheatstone, as well as in the fields that provide 80% of the project’s gas. 

Japan—the world’s largest LNG importer—bought 87.3 million tons of LNG last year alone, with its utilities boosting demand for thermal power generation in the wake of Fukushima.

By. Jen Alic of Oilprice.com




Download The Free Oilprice App Today

Back to homepage



Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play