Chevron Signs LNG Sales Agreements With TEPCO

Chevron Corp. said in a news release that its Australian subsidiaries signed binding sales and purchase agreements with Tokyo Electric Power Co. to supply liquefied natural gas 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 of LNG to TEPCO for a period of up to 20 years, according to the release.

In addition, TEPCO is in talks with Chevron to acquire an equity share in the titles covering the Wheatstone fields and a percentage of Chevron's share of the Wheatstone downstream processing facilities.

The Wheatstone Project, which will become one of Australia's largest resource projects, is 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.

Source: Chevron News Release