Chevron on Track to Complete Gorgon FEED in 2009

DARWIN (Dow Jones Newswires), July 17, 2008

Chevron Corp. said Thursday it is on track to complete front-end engineering and design work and secure environment approvals for the giant Gorgon liquefied natural gas project off the coast of Western Australia.

Chevron and its project partners Royal Dutch Shell PLC (RDSB.LN) and Exxon Mobil Corp.(XOM.AU) already have environmental approvals for an LNG plant on Barrow Island with capacity of 10 million metric tons, and are now seeking approval to increase this to 15 million tons.

"We expect to secure environmental approval and complete front-end engineering and design on the revised two trains during 2009 with a (final investment decision) to follow soon after," Chevron's manager of Australasian gas marketing and commercialization Chad Nokleby said Thursday.

Nokleby said LNG prices in Asia are being struck close to the energy equivalent price of oil, and strong demand means prices are set to remain high, "for the foreseeable future." 

Copyright (c) 2008 Dow Jones & Company, Inc.

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