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  • bluecheese4u bluecheese4u Jun 17, 2013 9:06 AM Flag

    Chevron’s $10 billion Angola LNG ships first gas cargo

    Chevron’s $10 billion Angola LNG ships first gas cargo

    Posted on June 17, 2013 at 6:54 am by Bloomberg

    Chevron's Gorgon LNG project is about 55 percent complete as of February 2013 and is expected to be up and running in 2014. The facility will produce 450,000 barrels of oil equivalent per day. A causeway extends 1.3 miles from the plant, located on Barrow Island off of Australia's west coast, with foundation structures for the plant's liquefied natural gas jetty (bottom left) rising from the water. (Photo: Chevron)

    Chevron Corp. (CVX)’s $10 billion Angola LNG plant shipped its first cargo today after an 18-month delay prompted by fires, labor shortages and U.S. shale drilling that erased demand for African fuel in the world’s largest gas market.

    The shipment of gas that was cooled to -256 degrees Fahrenheit (-160 degrees Celsius) to shrink its volume was sold to state-owned Sonangol EP for transport to Brazil aboard the ship Sonangol Sambizanga, Artur Pereira, chief executive officer of Angola LNG Marketing, said in an e-mailed statement today. A “large number” of LNG sales from the plant have been signed or are in negotiation, the London-based company said.

    Chevron, the world’s third-largest energy company by market value, has made LNG a linchpin of its goal to raise its worldwide output by 20 percent through the end of 2017 to the equivalent of 3.3 million barrels of crude a day. The company is spending more than $77 billion on two LNG projects in Australia, and in December acquired a 50 percent stake in the proposed Kitimat LNG terminal on Canada’s Pacific Coast.

    “First gas at Angola LNG is an important milestone in support of our strategic plan to grow our production,” George Kirkland, vice chairman of San Ramon, California-based Chevron, said in a statement distributed by Business Wire today. “This project will commercialize natural gas resources in western Africa to meet growing demand in the region and internationally.”

    Shipments Planned

    Production

 
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