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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

Written by

Joel Scanlon

Joel, originally from the UK, emigrated to Australia in 1995 and spent 5 years working in the mining industry as an exploration Geo-technician where he developed skills in GIS Mapping and CAD. Joel also spent a year working underground in a gold/copper mine. Upon moving to the North Coast of NSW, Australia Joel worked as a graphic designer for a leading consultancy firm before starting a successful business providing graphic and web design services to local businesses on the eastern seaboard of Australia. Joel is skilled in project management, content production, design, animation, database and networking, software, and editing. Joel has been with AZoNetwork since its inception in 2000.


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