TEPCO increases total Wheatstone LNG offtake to 4.2MTPA
SAN RAMON, Calif.--(BUSINESS WIRE)--Jun. 18, 2012--
Chevron Corporation (NYSE:CVX) today announced that its Australian
subsidiaries have signed additional binding agreements with Tokyo
Electric Power Company (TEPCO) for liquefied natural gas (LNG) offtake
and equity interests in the Chevron-operated Wheatstone Project.
Under the agreements, TEPCO will purchase an additional 0.4 million tons
per annum (MTPA) of LNG from the Wheatstone Project for up to 20 years.
In addition TEPCO, through a related company, will acquire from Chevron
a 10 percent participating interest in the Wheatstone field licenses and
an eight percent interest in the Wheatstone natural gas processing
facilities.
These agreements, and the previously announced sales and purchase
agreement, increases TEPCO’s total Wheatstone LNG offtake to 4.2 MTPA.
Joe Geagea, president, Chevron Gas and Midstream, welcomed TEPCO’s
further investment in the Wheatstone Project.
“TEPCO is one of the world’s leading LNG customers and we are pleased to
expand the strong partnership between our two companies.”
Roy Krzywosinski, managing director, Chevron Australia, said, “More than
80 percent of Chevron's equity LNG from Wheatstone is covered under
long-term off-take agreements with customers in Asia.
“These agreements continue to demonstrate Wheatstone is well-placed
geographically to meet the Asia Pacific region’s demand for a safe,
reliable and cleaner-burning source of energy.”
The Chevron-operated Wheatstone Project will become one of Australia's
largest resource projects. Located at Ashburton North, 7.5 miles (12
kilometers) west of Onslow in Western Australia, the foundation phase of
the project will consist of two liquefied natural gas trains with a
combined capacity of 8.9 MTPA and a domestic gas plant.
Chevron is one of the world's leading integrated energy companies, with
subsidiaries that conduct business worldwide. The company's success is
driven by the ingenuity and commitment of its employees and their
application of the most innovative technologies in the world. Chevron is
involved in virtually every facet of the energy industry. The company
explores for, produces and transports crude oil and natural gas;
refines, markets and distributes transportation fuels and other energy
products; manufactures and sells petrochemical products; generates power
and produces geothermal energy; provides energy efficiency solutions;
and develops the energy resources of the future, including biofuels.
Chevron is based in San Ramon, Calif. More information about Chevron is
available at www.chevron.com.
Notes to Editor: In 2011, Chevron, together
with Apache Energy and Kuwait Foreign Petroleum Exploration Company
(KUFPEC), signed a binding sales and purchase agreement (SPA) to deliver
up to 3.1 MTPA to TEPCO for a period of 20 years. The additional
agreements announced today do not involve Apache Energy or KUFPEC.
Cautionary Statement Relevant to Forward-Looking Information for
the Purpose of “Safe Harbor” Provisions of the Private Securities
Litigation Reform Act of 1995.
Some of the items discussed in this press release are forward-looking
statements about Chevron's activities in Australia. Words such as
"anticipates," "expects," "intends," "plans," "targets," “forecasts,”
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“outlook” and similar expressions are intended to identify such
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difficult to predict. Among the important factors that could cause
actual results to differ materially from those in the forward-looking
statements are changes in prices of, demand for and supply of crude oil
and natural gas; actions of competitors; the inability or failure of the
company’s joint-venture partners to fund their share of operations and
development activities; the potential failure to achieve expected net
production from existing and future crude oil and natural gas
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or start-up of planned projects; the potential disruption or
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or delivery/transportation networks due to war, accidents, political
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currency movements compared with the U.S. dollar; and general economic
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Source: Chevron Corporation
Chevron Corporation
Gareth Johnstone, +65 9728 8375 (Singapore)
www.chevron.com
