SAN RAMON, Calif .– (COMMERCIAL THREAD) – Chevron Corporation (NYSE: CVX) announced today that its wholly owned subsidiary Chevron Australia Pty Ltd. (Chevron Australia) as operator and the participants in the Gorgon joint venture will squeeze approximately $ 4 billion (AU $ 6 billion) from Jansz-Io (J-IC).
Nigel Hearne, president of Chevron Eurasia Pacific Exploration and Production, said J-IC represents Chevron’s largest capital investment in Australia since the Gorgon Stage 2 project was sanctioned in 2018.
âUsing state-of-the-art subsea compression technology, J-IC is able to maintain gas supply from the Jansz-Io field to the three existing LNG trains and the domestic gas plant on the island of Barrow, âHearne said.
âThis will maintain an important source of clean-burning natural gas for customers, which will enable energy transitions in countries in the Asia-Pacific region. ”
A modification of the existing development of Gorgon, J-IC will involve the construction and installation of a normally unattended 27,000 tonne floating field control station (FCS), approximately 6500 tonnes of compression infrastructure under -marine and a 135 km submarine power cable connected to Barrow Island.
Construction and installation activities are expected to last approximately five years.
J-IC is following the Gorgon Stage 2 project, whose installation phase is almost complete, to supply gas to the Gorgon plant from four new Jansz-Io wells and seven new Gorgon wells.
The Chevron-operated Gorgon project is a joint venture between the Australian subsidiaries of Chevron (47.333%), ExxonMobil (25%), Shell (25%), Osaka Gas (1.25%), Tokyo Gas (1%) and JERA ( 0.417 percent).
Chevron is one of the world’s leading integrated energy companies. We believe that affordable, reliable and ever cleaner energy is essential to achieve a more prosperous and sustainable world. Chevron produces crude oil and natural gas; manufactures transportation fuels, lubricants, petrochemicals and additives; and develops technologies that improve our business and the industry. To advance a low-carbon future, we are focused on cost-effectively reducing our carbon intensity, increasing renewables and offsets to support our business, and investing in low-emission technologies. carbon that enable commercial solutions. More information on Chevron is available at www.chevron.com.
CAUTION REGARDING FORWARD-LOOKING INFORMATION FOR THE PURPOSES OF THE “SAFE HARBOR” PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
This press release contains forward-looking statements relating to Chevron’s operations that are based on management’s current expectations, estimates and projections for the petroleum, chemicals and other energy-related industries. Words or expressions such as “anticipates”, “expects”, “intends to”, “plans”, “targets”, “advance”, “commits”, “plans”, “projects” “,” Believes “,” approach “,” “research”, “programs”, “estimates”, “positions”, “prosecution”, “may”, “could”, “should”, “will”, “budgets” , “outlook”, “trends”, “directions,” “focus”, “on track”, “goals”, “objectives”, “strategies”, “opportunities”, “on point”, “potential” and similar expressions are intended to identify these forward-looking statements. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and other factors, many of which are beyond the control of the company and are difficult to predict. Therefore, actual results and results may differ materially from what is expressed or expected in these forward-looking statements. The reader should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Except as required by law, Chevron does not undertake to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise.
Important factors that could cause actual results to differ materially from forward-looking statements include: the development of crude oil and natural gas prices and demand for our products, and production reductions due to weather conditions. of the market ; crude oil production quotas or other measures that may be imposed by the Organization of the Petroleum Exporting Countries and other producing countries; public health crises, such as pandemics (including coronavirus (COVID-19)) and epidemics, and all related government policies and actions; the evolution of the economic, regulatory and political environments in the different countries in which the company operates; general national and international economic and political conditions; changes in refining, marketing and chemicals margins; the company’s ability to achieve anticipated cost savings, expense reductions and efficiencies associated with business transformation initiatives; actions of competitors or regulators; the schedule of exploration expenditures; the timing of crude oil removals; the competitiveness of alternative energies or substitute products; technological development; the operating results and financial condition of the company’s suppliers, vendors, partners and affiliates, particularly during prolonged periods of low crude oil and natural gas prices during the COVID-19 pandemic; the inability or failure of the company’s joint venture partners to fund their share of operations and development activities; the potential inability to achieve expected net production from existing and future crude oil and natural gas development projects; potential delays in the development, construction or start-up of planned projects; the disruption or potential disruption of company operations due to war, accidents, political events, civil unrest, severe weather, cyber threats, terrorist acts or other causes natural or human beyond the control of the company; potential liability for corrective actions or assessments under existing or future environmental laws and litigation; significant changes in operations, investments or products required by existing or future environmental laws and regulations, including international agreements and national or regional legislation and regulatory measures to limit or reduce greenhouse gas emissions ; potential liability resulting from pending or future litigation; the Company’s ability to obtain the expected benefits from the acquisition of Noble Energy, Inc .; future acquisitions or disposals of assets or shares by the company or the delay or failure of closing these transactions on the basis of the required closing conditions; the potential for gains and losses resulting from the disposal or impairment of assets; sales, divestitures, recapitalizations, industry-specific taxes, tariffs, penalties, changes in tax conditions or restrictions on the scope of government-mandated business operations; fluctuations in foreign currencies against the US dollar; significant reductions in corporate liquidity and access to debt markets; receipt of the authorizations required by the Board to pay future dividends; the effects of accounting rules changed in accordance with generally accepted accounting principles promulgated by regulatory bodies; the company’s ability to identify and mitigate the risks and dangers inherent in operating the global energy industry; and the factors set out under âRisk Factorsâ on pages 18 to 23 of the Company’s 2020 Annual Report on Form 10-K and in other documents subsequently filed with the United States Securities and Exchange Commission. Other unforeseeable or unknown factors not discussed in this press release could also have material adverse effects on forward-looking statements.