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December 7, 2009

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Supply of LNG for 20 years

CHEVRON Corp said over the weekend it has signed a deal with Tokyo Electric Power Co to deliver liquefied natural gas for up to 20 years from the Wheatstone Project in northwestern Australia.

Chevron also said TEPCO intends to acquire 15 percent of Chevron's share in the Wheatstone field licenses, and 11.25 percent of the Wheatstone natural gas processing facilities that will be built onshore near Onslow in northwestern Australia.

The agreement with Chevron Australia Pty Ltd makes TEPCO a major customer for the natural gas from Wheatstone.

It calls for TEPCO to buy 4.1 million tons per year of liquefied natural gas. The capacity of the Wheatstone project's initial phase will be 8.6 million tons per year, Chevron said.

Western Australia Premier Colin Barnett said the state continues to require that about 15 percent of gas processed on shore is reserved for domestic use.


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