From Earlier: Chevron and TEPCO Sign Equity and Additional LNG Sales Agreements

Chevron Corporation

today announced that its Australian subsidiaries have signed additional binding agreements with Tokyo Electric Power Company (TEPCO) for liquefied natural gas (LNG) offtake and equity interests in the Chevron-operated Wheatstone Project. Under the agreements, TEPCO will purchase an additional 0.4 million tons per annum (MTPA) of LNG from the Wheatstone Project for up to 20 years. In addition TEPCO, through a related company, will acquire from Chevron a 10 percent participating interest in the Wheatstone field licenses and an eight percent interest in the Wheatstone natural gas processing facilities. These agreements, and the previously announced sales and purchase agreement, increases TEPCO's total Wheatstone LNG offtake to 4.2 MTPA.