Energy company Chevron Australia announced it has received approval for its planned multi-billion dollar natural gas project off the shore of Western Australia.
The Gorgon project will be conducted by a joint venture 50 percent owned by Chevron Australia, 25 percent owned by ExxonMobil and 25 percent by Shell. It is projected to cost $43 billion in the first phase of development alone, Chevron said.
The project will include a 15 million metric ton per year liquefied natural gas facility and a domestic gas plant.
“With a total resource base of more than 40 trillion cubic feet of gas and an estimated economic life of at least 40 years, Gorgon will be a major contributor to our company’s future growth,” Chevron Chairman Dave O’Reilly said.
The region has natural gas resources equivalent to 6.7 billion barrels of oil. Prime minister Kevin Rudd said the project will create 10,000 direct and indirect jobs nation-wide.