Chevron Secures Wheatstone LNG Sales Agreements with TEPCO
Agreement to deliver 3.1 million tons of LNG for up to 20 years
Chevron Corporation (NYSE: CVX) today announced that its Australian
subsidiaries have signed binding Sales and Purchase Agreements (SPAs)
with Tokyo Electric Power Company (TEPCO) for the delivery of liquefied
natural gas (LNG) from the Chevron-operated Wheatstone natural gas
project in Australia.
Under the agreements, Chevron, together with Apache Energy and Kufpec,
will deliver up to 3.1 million tons per annum (MTPA) of LNG to TEPCO for
a period of up to 20 years.
TEPCO is also in discussions with Chevron to purchase an equity share in
the titles covering the Wheatstone fields and a percentage of Chevron′s
share of the Wheatstone downstream processing facilities.
John Gass, president, Chevron Gas and Midstream, welcomed TEPCO as a
foundation customer and potential investor in the Wheatstone Project.
'TEPCO is one of the world′s leading LNG customers. Its support for
Chevron′s Wheatstone Project reinforces the strength of the relationship
between the two companies that has been built up over many years.?
Roy Krzywosinski, managing director, Chevron Australia, said the
Wheatstone Project had completed the front-end engineering and design
phase and Chevron remains on track to make a final investment decision
(FID) in 2011.
'The TEPCO agreements and other LNG agreements we are finalizing give
Wheatstone great momentum. The Ashburton North site earmarked for the
LNG processing plant is ideally located to unlock the significant gas
resources in the western Carnarvon basin.?
The Chevron-operated Wheatstone Project will become one of Australia′s
largest resource projects. Located at Ashburton North, 12 kilometers
west of Onslow in Western Australia, the foundation phase of the project
will consist of two liquefied natural gas trains with a combined
capacity of 8.9 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 is involved in
virtually every facet of the energy industry. Chevron explores for,
produces and transports crude oil and natural gas; refines, markets and
distributes transportation fuels and lubricants; 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.
Cautionary Statements Relevant to Forward-Looking Information for
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
statements about Chevron's activities in Australia. Words such as
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Among the factors that could cause actual results to differ materially
are changes in prices of, demand for and supply of crude oil and natural
gas; actions of competitors; the inability or failure of the company′s
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activities; the potential failure to achieve expected net production
from existing and future crude oil and natural gas development projects;
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projects; the potential disruption or interruption of production and
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of company operations; and general economic and political conditions.
You should not place undue reliance on these forward-looking statements,
which speak only as of the date of this press release. Unless legally
required, Chevron undertakes no obligation to update publicly any
forward-looking statements, whether as a result of new information,
future events or otherwise.
Chevron Corporation
Gareth Johnstone, +65 9728 8375 (Singapore)
