Chevron's $29B Wheatstone Project Draws 5th Asian Buyer

Law360, New York (May 14, 2012, 2:17 PM EDT) -- Chevron Corp. has agreed to sell gas from its $29 billion Wheatstone liquefied natural gas project in Australia to Tohoku Electric Power Co. Inc., the latest Japanese utility to tap Australia’s plentiful LNG, Chevron announced Monday.

Chevron and its partners on the project, which include Apache Energy Corp. and Kuwait Foreign Petroleum Exploration Co., will sell Tohoku up to 1 million tons of LNG per year for 20 years, the company said.

Wheatstone is expected to produce 8.9 million tons of LNG per year, more than...
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