Economics
Chevron Calls End of LNG Mega Project After $88 Billion Spree
- Greenfield gas export facilities in Western Australia unlikely
- Gorgon, Wheatstone expansions off table amid focus on returns
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Chevron Corp. has signaled the end of major new LNG projects in Western Australia and is unlikely to sanction an expansion of its Gorgon and Wheatstone export developments as it focuses on boosting returns from $88 billion of investment.
The climate for developing large greenfield LNG projects has shifted to smaller developments given a slump in the price of oil to under $50 a barrel, according to Nigel Hearne, a managing director with the company’s Australia unit.