“GS Caltex is 50% owned by Chevron Corporation, parent of Chevron Australia, and the details of the agreement is a commercial matter between the parties,” Chevron Australia spokesman Scott Walker said.
The deal follows previous LNG sale agreements signed with various Japanese and South Korean buyers. Chevron Australia president of marketing for Gorgon Neil Theobald says the bulk of its share of LNG from the first phase of the Gorgon project has now been committed.
“This is a first for a significant size project in the region,” Theobald said.
“Equity marketing has led to greater flexibility in the offerings that can be made to customers and more freedom for the owners to pursue the markets that meet their requirements.
“The strength of the three Gorgon joint venturers has been critical to the success of this innovative approach – between them they are involved in eight other LNG projects that are operating or currently under construction.”
Chevron’s other Gorgon customers include Tokyo Gas (1.2 million tonnes per annum) Chubu Electric (1.5MMtpa) and Osaka Gas (1.5MMtpa), all of which have 25-year contracts, for a total volume in excess of 100MMt and estimated value of over $US22 billion. GS Caltex of Korea will also purchase 250,000tpa for 20 years.
Theobald said the balance of Chevron Australia’s entitlement to LNG from the first two trains of the Gorgon project will be available to supply markets such as North America, where Chevron Corporation is currently pursuing a portfolio of options for importing natural gas.
