Apache Corporation (NYSE, Nasdaq: APA) today announced that an Australian subsidiary and its partners have signed long-term sales and purchase agreements with Chubu Electric Power
Company, Inc. for liquefied natural gas from the Chevron-operated Wheatstone
Project in Western Australia.
The Wheatstone partners have agreed to supply Chubu Electric with 1 million
metric tons per annum (mtpa) of LNG for up to 20 years. Through its
13-percent share in the Wheatstone Project, Apache Julimar Pty Ltd, an
Apache subsidiary, will supply 0.13 mtpa from natural gas (approximately 19
million cubic feet of gas per day) produced at the Julimar and Brunello
fields in offshore production license WA-49-L.
"Completing this agreement with Chubu Electric is an important step forward
for the Wheatstone Project and Apache's plans to develop the world-class
Julimar and Brunello natural gas discoveries," said Janine McArdle, Apache's
senior vice president of gas monetization.
Apache and its partners previously announced heads of agreement with Chubu.
This accord finalizes the terms of the HoAs.
Wheatstone, one of Australia's largest resource projects, is under
development at Ashburton North, 7 miles (12 kilometers) west of Onslow in
Western Australia. The foundation phase of the project will include two LNG
trains with a combined capacity of 8.9 mtpa and a domestic gas plant. Apache
Julimar Pty Ltd and KUFPEC Australia (Julimar) Pty Ltd, a subsidiary of
Kuwait Foreign Petroleum Co., will supply gas produced from the Julimar and
Brunello fields. Apache has a 65-percent interest in the upstream Julimar
Development Project and is the operator.
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