Shell to join Chevron's Australia Wheatstone LNG project  

Posted by Big Gav in , , , , ,

Chevron aren't talking much about gas to liquids at their proposed Wheatstone LNG plant lately, but the project itself seems to be making steady progress - Shell to join Chevron's Australia Wheatstone LNG project.

Chevron Corp said on Sunday Royal Dutch Shell (RDSa.L) will join its Wheatstone liquefied natural gas project off the coast of Western Australia as an equity participant and natural gas supplier to the project.

Chevron will sell 6.4 percent of its stake to Shell, and remain the operator of the project with 73.6 percent stake. Shell will also assume an 8 percent participating interest in the Wheatstone and Iago natural gas fields, which will supply the first two trains of the Wheatstone project.

The agreement comes as Chevron prepares to make a final investment in the project.

"A final investment decision is expected in the second half of this year once environmental approvals and other associated agreements are finalized with various levels of government," Chevron Australia managing director, Roy Krzywosinski said in a statement. He also said front-end engineering and design (FEED) activity on Wheatstone is nearly complete.

The first phase of the Wheatstone project will have a combined capacity of 8.9 million tonnes per annum (mtpa) of LNG as well as a domestic gas plant.

Chevron is positioning itself to become one of the largest LNG producers in Australia, with the construction of the A$43 billion Gorgon project, also off the coast of Western Australia, which is set to produce 15 mtpa by 2014.

Shell is also developing several LNG projects in Australia, and is set to make a final investment decision on its 3.5 mtpa Prelude floating LNG project this year. Shell has also proposed a coal seam gas to LNG project in Australia's eastern Queensland state.

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