Japan and South Korea Buy from Chevron

Chevron Australia, a subsidiary of Chevron, has signed deals with three companies from the countries of Japan and South Korea that is worth approximately $60 billion. The deals, which were made with GS Caltex, Tokyo Gas and Osaka Gas, call for Chevron Australia to provide natural gas from the Gorgon gas field once it is developed.

Said John Gass of Chevron: “With Osaka Gas and Tokyo Gas, we have as foundation customers two of the most experienced LNG buyers in the largest LNG market in the world. The agreements with GS Caltex provide our initial entry into the important Korean LNG market and GS Caltex’s first expansion from refining, petrochemicals and power into LNG.”

Japan and South Korea will receive about three million tons of natural gas per year. These deals call for exports to continue for 25 years.

The Gorgon gas field project is being developed in a partnership between Chevron, ExxonMobil and Shell. It is located off the far northwest coast of Australia.

Chevron (Image: Flickr)