Chevron Corporation (NYSE:CVX) 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.
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