Chevron-operated Gorgon project secures $2 billion investment nod
Chevron's Australian unit announced a $2 billion investment in the Gorgon Stage 3 development off Western Australia's coast. The project, a joint venture with Exxon Mobil, Shell, Osaka Gas, JERA, and MidOcean, aims to connect offshore gas fields to existing infrastructure, ensuring long-term gas supply for Western Australia and LNG for Asia. Gorgon can produce 300 terajoules of gas daily for the local market and 15.6 million tonnes of LNG annually.
Dec 5 (Reuters) - The Australian unit of U.S. oil giant Chevron Corp (CVX.N) said on Friday that the partners of the Gorgon Joint Venture have made a final investment decision on the A$3 billion ($1.98 billion) Gorgon Stage 3 development off Western Australia’s northwest coast.
The investment will link the offshore Geryon and Eurytion natural gas fields to Gorgon’s existing infrastructure on Barrow Island.
The Chevron-operated Gorgon Project is a joint venture among the Australian units of Chevron, Exxon Mobil (XOM.N) , and Shell (SHEL.L) , which collectively own roughly 97.3%, with Japan’s Osaka Gas (9532.T) and JERA and U.S.-based firm MidOcean holding the remaining stake.
The development would maintain production at Gorgon, enabling the long-term supply of domestic gas for Western Australia households and industry, and liquefied natural gas for international customers in Asia, Chevron Australia president Balaji Krishnamurthy said.
Gorgon has the capacity to produce 300 terajoules per day of gas for the Western Australia market and 15.6 million tonnes of LNG per year, said Chevron Australia. ($1 = 1.5135 Australian dollars)
