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Chevron Corp.’s Australian subsidiaries have signed additional binding agreements with Tokyo Electric Power Co. (TEPCO) for liquefied natural gas (LNG) off-take and equity interests in the Chevron-operated Wheatstone project.
Under the agreements, TEPCO will purchase an additional 0.4 million metric tons per annum (MMtpa) of LNG from the Wheatstone project for up to 20 years. In addition TEPCO, through a related company, will acquire from Chevron a 10% participating interest in the Wheatstone field licenses and an 8.0% interest in the Wheatstone natural gas processing facilities.
These agreements, and the previously announced sales and purchase agreement, increases TEPCO's total Wheatstone LNG off-take to 4.2 MMtpa.
Roy Krzywosinski, managing director in Australia for Chevron, said, "More than 80% of Chevron's equity LNG from Wheatstone is covered under long-term off-take agreements with customers in Asia.”
"These agreements continue to demonstrate Wheatstone is well-placed geographically to meet the Asia Pacific region's demand for a safe, reliable and cleaner-burning source of energy," Krzywosinski added.