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Friday, 15 October 2010

Chevron Targets China, Thailand, India for LNG Sales


October 07, 2010, 9:45 PM EDT
By James Paton
Oct. 8 (Bloomberg) -- Chevron Corp., operator of the A$43 billion ($42 billion) Gorgon liquefied natural gas project off northwest Australia, said China, India, Thailand, Taiwan and Singapore are targets for future sales of the fuel.
With initial customers in place for Gorgon and the proposed Wheatstone venture, Chevron can “now look to growing markets for remaining volumes as well as expansion,” the company said in a publication on its Australian website.
Chevron, the second-largest U.S. oil company, is among energy producers proceeding with Australian LNG projects as Asian nations demand cleaner-burning fuel to curb emissions. Chevron directors and executives visited sites in Australia in recent days, including Gorgon on Barrow Island, to view the “progress the company is making on its increasing investments in Australia,” the Frontier Magazine said.
Chevron has agreements to supply LNG to buyers in Japan and South Korea, including Tokyo Electric Power Co., Tokyo Gas Co., Osaka Gas Co., Korea Gas Corp. and GS Caltex Corp.
Chevron may supply China National Petroleum Corp. with Wheatstone LNG as part of a preliminary agreement, the company said Sept. 16. The San Ramon, California-based oil and gas producer aims to make an investment decision to proceed with Wheatstone in the second half of 2011, with first fuel shipments due in 2016, the online magazine reported, citing project manager Geoff Strong.
The company announced its ninth gas discovery off Australia in 12 months in August and said last month that it has found enough gas to support an expansion of Gorgon.
--Editors: John Viljoen, Jane Lee.

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