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Chevron to Supply Tepco With Wheatstone LNG, May Sell Stake via Bloomberg

By James Paton – Jul 27, 2011 12:38 AM CT

Chevron Corp. (CVX), the second-largest U.S. energy company, agreed to sell Tokyo Electric Power Co. 3.1 million metric tons of liquefied natural gas annually from its proposed Wheatstone project in Western Australia.

The fuel will be supplied for as long as 20 years, San Ramon, California-based Chevron said in a statement today. The oil and gas producer is also in talks to sell a stake in the A$25 billion ($28 billion) venture to the Japanese utility known as Tepco as part of the accord, Chevron said.

In a preliminary agreement signed in December 2009, Chevron had said Tepco would buy 4.1 million tons of LNG a year and purchase an 11.25 percent stake in Wheatstone. Colin Barnett, premier of Western Australia, had at the time valued the fuel- supply contract at A$90 billion.

Continue reading at Chevron to Supply Tepco With Wheatstone LNG, May Sell Stake

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