LNG Builders Plan Life After $170B Boom in Australia
Difficult Phase
Chevron’s $54 billion Gorgon project off northwest Australia, which has employed more than 10,000 people, is due to begin shipments in the first quarter of next year. The U.S. oil producer said in October that it will eliminate 6,000 to 7,000 jobs, the deepest cuts since its 2001 merger with Texaco Inc.
While job losses in Australia’s other commodity sectors including iron ore are further along, Reserve Bank of Australia Governor Glenn Stevens said some LNG projects in Western Australia are still only in the investment phase.
“Over the next few years some labor presumably will be released from these projects,” Stevens said, speaking in Perth on Wednesday. “So it will be a while yet before we will be able to say that the difficult phase is completed.”
To contact the reporter on this story: James Paton in Sydney at jpaton4@bloomberg.net. To contact the editors responsible for this story: Ramsey Al-Rikabi at ralrikabi@bloomberg.net
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