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Chevron Signs Korean LNG Deal for Wheatstone Project

Chevron has signed a deal to supply liquefied natural gas (LNG) to a Korean Gas company from its Wheatstone project off the Pilbara in Australia's North West.

The Korea Gas Corporation (KOGAS) will purchase 1.5 million tonnes of LNG per year for up to 20 years. KOGAS will also be allowed to acquire a 5 % interest in Chevron's Wheatstone field licenses and domestic gas processing facilities. KOGAS is the world's largest importer of liquefied natural gas.

Chevron is the second largest oil company in the US and the operator of the Wheatstone Project, holding approximately 75 percent interest in the project. Wheatstone was discovered in August 2004 and in March 2008 Chevron announced their intention to develop the resource. Wheatstone is located about 200km (124 miles) north of Onslow off Western Australia's Pilbara coast.

Chevron is yet to take a final decision on developing Wheatstone but the Korean Gas deal will add momentum to the project. A final decision on Wheatstone will be taken in 2011.

It is estimated by Mark Greenwood, a Sydney based analyst for Citigroup that KOGAS will be short of gas in 2015 -2016. He says he wouldn't be surprised if they signed a couple of more Australian LNG projects.

Joel Scanlon

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Joel Scanlon

Joel relocated to Australia in 1995 from the United Kingdom and spent five years working in the mining industry as an exploration geotechnician. His role involved utilizing GIS mapping and CAD software. Upon transitioning to the North Coast of NSW, Australia, Joel embarked on a career as a graphic designer at a well-known consultancy firm. Subsequently, he established a successful web services business catering to companies across the eastern seaboard of Australia. It was during this time that he conceived and launched News-Medical.Net. Joel has been an integral part of AZoNetwork since its inception in 2000. Joel possesses a keen interest in exploring the boundaries of technology, comprehending its potential impact on society, and actively engaging with AI-driven solutions and advancements.

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