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Oil & Gas

Chevron signs $60 billion gas deal with South Korea, Japan

September 10, 2009
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Australia''s prime minister said Chevron has signed deals worth 70 billion Australian dollars ($60 billion) to supply liquefied natural gas to Japan and South Korea, reports the Associated Press. Chevron''s Australian subsidiary will supply nearly 3 million tons (2.72 metric tons) a year to the countries, generating AU$70 billion in exports over the next 25 years, Prime Minister Kevin Rudd told Parliament. Much of the gas will come from the yet-to-be developed Gorgon gas field off Australia''s far northwest coast. In a statement, Chevron said Japan''s Osaka Gas will be supplied with 1.375 million tons per year; Tokyo Gas will get 1.1 million tons and GS Caltex of South Korea 0.5 million tons. Chevron, which holds a 50 percent stake in the project, has also agreed to sell an equity share of 1.25 percent in the development to Osaka Gas and 1 percent to Tokyo Gas. ExxonMobil and Royal Dutch Shell each hold a 25 percent stake in Gorgon, which is expected to pump up to 15 million tons of liquefied natural gas per year when it achieves full production.
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