Chevron and Tohoku Electric sign Wheatstone LNG agreement

10/1/2013

Chevron and Tohoku Electric sign Wheatstone LNG agreement

SAN RAMON -- Chevron announced that its Australian subsidiaries have signed binding long-term Sales and Purchase Agreements (SPAs) with Tohoku Electric Power Company to supply LNG from the Chevron-operated Wheatstone project in Western Australia.

Under the agreements, Chevron subsidiaries, together with subsidiaries of Apache Energy and Kuwait Foreign Petroleum Exploration Co., will supply Tohoku with 0.9 Mtpy for up to 20 years.

The Wheatstone Project is located at Ashburton North, 7.5 mi west of Onslow in Western Australia. The project will consist of two LNG trains with a combined capacity of 8.9 Mtpy and a domestic gas plant.

The Wheatstone project is a joint venture between Australian subsidiaries of Chevron (64.14%), Apache Energy (13%), Kuwait Foreign Petroleum Exploration (7%), Shell (6.4%), and Kyushu Electric Power (1.46%), together with PE Wheatstone (8%).

Chevron also holds an 80.17% equity interest in the Wheatstone and Iago fields that provide 80% of the feed gas to the Wheatstone project. The participants in the fields are PE Wheatstone (10%) as well as Australian subsidiaries of Shell (8%) and Kyushu Electric Power (1.83%).

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