Chevron considering $10bn Gorgon expansion
PERTH (miningweekly.com) – Energy major Chevron is considering a $10-billion expansion of its Gorgon liquefied natural gas (LNG) project, with senior VP for upstream Jay Johnson saying that the company is investigating the possibility of a fourth train.
The $52-billion Gorgon project currently includes the construction of a three-train 15.6-million-tonne-a-year LNG plant on Barrow Island with the capacity to supply 275-million standard cubic feet per day of natural gas to the Western Australian market.
Johnson reported this week that the project was about 78% complete, with about 65% of the project’s LNG production committed under long-term contracts.
Speaking on Chevron’s queue of projects, Johnson said that the company’s plan for production growth was solid and would be driven by near-term project ramp-ups as well as Chevron’s larger major capital projects that begin start-up later this year.
“These projects are attractive, and when combined with profitable production growth from our shale and tight resource developments, are expected to add over 800 000 barrels of oil equivalent per day by 2017. We also have a deep queue of other growth opportunities which should allow us to continue growing production to the end of the decade.”
CEO and chairperson John Watson added that the company’s growth profile, combined with flattening capital spending levels over the next few years, would serve as a strong catalyst for value creation for its shareholders.
“Our strategies are sound, and we’re poised to deliver significant production growth through the end of the decade.”
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