• 4 minutes Ten Years of Plunging Solar Prices
  • 7 minutes Hydrogen Capable Natural Gas Turbines
  • 10 minutes World looks on in horror as Trump flails over pandemic despite claims US leads way
  • 13 minutes Large gas belt discovered in China
  • 21 mins Rioting and Protesting
  • 2 hours Trump waves a Bible
  • 11 mins Coronavirus hype biggest political hoax in history
  • 12 hours Anti-Lynching Bill
  • 10 mins US and Australia Sign SPR Lease Agreement
  • 33 mins George Floyd’s History
  • 15 hours Thugs in Trumpistan
  • 20 hours Model 3 cheaper to buy than BMW 3 series.
  • 21 hours Sudan Rice claims Russians are behind recent US riots
  • 2 hours China to Impose Dictatorship on Hong Kong
  • 9 hours Let’s Try This....
  • 20 hours We Are Better Than This
  • 21 hours Obamagate Is Not a Conspiracy Theory
  • 22 hours National Guard kills again
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