Chevron Corp. plans to develop a liquefied natural gas export venture based on its 100 percent-owned Wheatstone field off northwestern Australia.
Chevron aims to start engineering and design work for an initial 5 million metric tons (5.5 million U.S. tons) per year natural gas facility in 2009, the San Ramon, California-based company said. The facility will be built on the northwest coast of mainland Australia, it said, ruling out a location on Barrow Island, the nearby site of Chevron's Gorgon LNG venture with Royal Dutch Shell PLC and Exxon Mobil Corp. The Gorgon venture has been delayed well beyond its original 2006 go-ahead date because of lengthy environmental approvals and cost pressures. There is still uncertainty as to when Chevron and its partners will approve Gorgon, which would be Australia's biggest resource development. There has also been persistent speculation of dissent among the joint venture partners as costs continue to rise. The partners have spent around A$1 billion over the past two decades on exploration, development and marketing of the Greater Gorgon fields, which are estimated to contain more than 40 trillion cubic feet of gas.
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