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TEPCO, Mitsubishi and NYK line take equity stake in Wheatstone

Oilfield Technology,

Chevron Corp. have signed additional binding agreements with Tokyo Electric Power Company (TEPCO) for LNG offtake and equity interests in the Chevron-operated Wheatstone Project.

Under the agreements, TEPCO will purchase an additional 0.4 million tpy of LNG from the Wheatstone Project for up to 20 years. In addition TEPCO, through a related company, will acquire from Chevron a 10% participating interest in the Wheatstone field licenses and an 8% interest in the Wheatstone natural gas processing facilities. TEPCO are joined in the project by NYK Line and Mitsubishi Corp. The consortium has obtained equity interests in the project through a newly established special-purpose company called PE Wheatstone Pty. Ltd.

These agreements, and the previously announced sales and purchase agreement, increases TEPCO’s total Wheatstone LNG offtake to 4.2 million tpy.

Roy Krzywosinski, managing director, Chevron Australia, said, “More than 80 percent of Chevron's equity LNG from Wheatstone is covered under long-term off-take agreements with customers in Asia.

“These agreements continue to demonstrate Wheatstone is well-placed geographically to meet the Asia Pacific region’s demand for a safe, reliable and cleaner-burning source of energy.”

Adapted from press release by Peter Farrell.

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