As part of the deal, TEPCO will acquire from Chevron a 10% interest in the Wheatstone gas field licenses and an 8% interest in the Wheatstone natural gas processing plant.
Tokyo Electric will also buy an additional 0.4 million tons per annum (MTPA) of LNG from Chevron-operated Wheatstone for up to 20 years, which will raise TEPCO’s total LNG offtake from Wheatstone to 4.2 MTPA.
Chevron Australia managing director Roy Krzywosinski 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," he added.
The $29bn Wheatstone Project is located at Ashburton North, 12km west of Onslow on the Pilbara coast, and involves the construction of two LNG trains with a combined capacity of 8.9 MTPA and a domestic gas plant.
The first LNG shipments are slated for 2016.
Chevron has a 73% interest in the project while Apache Corporation holds a 13% interest, Kuwait Foreign Petroleum Exploration Company has a 7% interest and Shell holds a 7% stake.
