Chevron Corporation (NYSE: CVX) today announced that its Australian
subsidiaries have signed a non-binding Heads of Agreement (HOA) with
Tohoku Electric Power Company Incorporated(Tohoku) for the
delivery of liquefied natural gas (LNG) from the Chevron-operated
Wheatstone natural gas project in Australia.
Under the agreement, Chevron, together with Apache Energy and Kuwait
Foreign Petroleum Exploration Company (KUFPEC), is expected to deliver
up to 1 million tons per annum (MTPA) of LNG to Tohoku for up to 20
years.
Joe Geagea, president, Chevron Gas and Midstream welcomed Tohoku as a
major customer of the Wheatstone Project.
'We are pleased Tohoku has agreed to source a significant portion of its
annual energy supply requirements from the Wheatstone Project, which
further highlights customers′ confidence in Wheatstone as a safe,
reliable energy source.?
Roy Krzywosinski, managing director, Chevron Australia, said, more than
80 percent of Chevron′s equity LNG from Wheatstone is now covered under
long-term off-take agreements with customers in Asia.
'This off-take agreement for Wheatstone demonstrates our Australian LNG
projects are in the right geographic location at the right time to meet
Asia′s rapidly growing demand for cleaner burning natural gas.?
The Chevron-operated Wheatstone Project will become one of Australia's
largest resource projects. Located at Ashburton North, 7.5 miles (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.
The onshore foundation project is a joint venture between the Australian
subsidiaries of Chevron (operator 72.14%), Apache (13%), KUFPEC (7%),
Shell (6.4%) and Kyushu Electric (1.46%).
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
Cautionary Statement 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
'anticipates,' 'expects,' 'intends,' 'plans,' 'targets,' 'forecasts,?
'projects,' 'believes,' 'seeks,' 'schedules,? 'estimates,' 'budgets'
'outlook? and similar expressions are intended to identify such
forward-looking statements. The statements are based upon management's
current expectations, estimates and projections; are not guarantees of
future performance; and are subject to certain risks, uncertainties and
other factors, some of which are beyond the company's control and are
difficult to predict. Among the important factors that could cause
actual results to differ materially from those in the forward-looking
statements 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 joint-venture partners to fund their share of operations and
development activities; the potential failure to achieve expected net
production from existing and future crude oil and natural gas
development projects; potential delays in the development, construction
or start-up of planned projects; the potential disruption or
interruption of the company′s net production or manufacturing facilities
or delivery/transportation networks due to war, accidents, political
events, civil unrest, or severe weather; government-mandated sales,
divestitures, recapitalizations industry-specific taxes, changes in
fiscal terms or restrictions on scope of company operations; foreign
currency movements compared with the U.S. dollar; and general economic
and political conditions. The reader 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.
