Chevron Welcomes Shell to the Wheatstone Project
Shell joins the project as a gas supplier and equity participant
Chevron Corporation (NYSE: CVX) today announced the signing of
agreements with Shell Development (Australia) Pty Ltd to bring Shell
into the Chevron-operated Wheatstone Project as a natural gas supplier
and equity participant.
George Kirkland, vice chairman, Chevron Corporation, said, 'Chevron is
pleased to welcome another participant into the Wheatstone Project. The
Wheatstone hub will provide a reliable new source of energy to Australia
and the region. It will also further enhance Chevron′s position as a
leading supplier of liquefied natural gas (LNG) in Asia-Pacific.?
Under the unitization agreement with Chevron′s Australian subsidiaries,
Shell will assume an 8 percent participating interest in the Wheatstone
and Iago natural gas fields in the Chevron-operated permits WA-253-P,
WA-17-R and WA-16-R, located offshore northwest Australia.
The Wheatstone and Iago gas fields will supply Trains 1 and 2 of the
Wheatstone Project, located onshore at Ashburton North in Western
Australia.
Shell will also assume a 6.4 percent participating interest in the
project facilities, with Chevron remaining project operator.
Chevron Australia managing director, Roy Krzywosinski, said front-end
engineering and design (FEED) activity on the Wheatstone Project is
nearing completion.
'The Wheatstone Project is set to become one of Australia′s largest
resource projects and Australia′s first LNG hub. A final investment
decision is expected in the second half of this year once environmental
approvals and other associated agreements are finalized with various
levels of government.?
The first phase of the Wheatstone Project consists of two LNG processing
trains with a combined capacity of 8.9 million tonnes per annum (MTPA)
and a domestic gas plant.
Chevron is one of the world's leading integrated energy companies, with
subsidiaries that conduct business worldwide. The company's success is
driven by the ingenuity and commitment of its employees and their
application of the most innovative technologies in the world. Chevron is
involved in virtually every facet of the energy industry. The company
explores for, produces and transports crude oil and natural gas;
refines, markets and distributes transportation fuels and other energy
products; manufactures and sells petrochemical products; generates power
and produces geothermal energy; provides energy efficiency solutions;
and develops the energy resources of the future, including biofuels.
Chevron is based in San Ramon, Calif. More information about Chevron is
available at www.chevron.com.
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the Purpose of 'Safe Harbor? Provisions of the Private Securities
Litigation Reform Act of 1995.
Some of the items discussed in this press release are forward-looking
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are changes in prices of, demand for and supply of crude oil and natural
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from existing and future crude oil and natural gas development projects;
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Chevron Corporation
Gareth Johnstone, +65 9728 8375, Singapore
