Chevron Looks to Australian Gas to Reignite Growth

Chevron Corp. is looking to two Australian natural gas projects to propel growth.

Chief executive officer John Watson said the company’s main focus over the next few years would be on completing its Gorgon LNG project in Australia, which would deliver the company’s “next wave of significant growth”.

Chevron is in partnership with ExxonMobil and Royal Dutch Shell for the $37 billion project which is on target to produce the oil-equivalent of 450,000 barrels per day starting in 2014.

A final investment decision for the Wheatstone project would be made in the second half of the year, ahead of a 2016 start-up. Wheatstone would add a further 260,000 barrels per day equivalent.