Chevron has sold nearly all its share of gas from the first phase of the $11 billion Gorgon gas project off WA's north west coast, worth about $30 billion over 25 years from 2010.
Chevron, the largest partner in the project with 50 per cent, today announced plans for the sale of 1.5 million tonnes per annum of its share of Gorgon liquefied natural gas to Osaka Gas over 25 years from 2011.
Just last month, Chevron signed similar heads of agreements to sell 1.5 mtpa to Japanese group Chubu Electric and 1.2 mtpa to major Japanese utility Tokyo Gas over 25 years from 2010.
A Chevron spokesman declined to comment on the value of sales, but it is estimated they are collectively worth about $30 billion at today's values over the life of the agreements.
From a project perspective, about 75 per cent of Gorgon's initial LNG output has now been assigned.
All three Japanese parties are discussing buying an equity interest in the Gorgon project.
The spokesman said the balance of Chevron's LNG entitlement - 800,000 tpa from the first two train, 10 mtpa phase of the Gorgon Project - would be available to supply markets such as North America, where Chevron was pursuing a portfolio of options for importing natural gas.
Colin Beckett, Chevron Australia's general manager of the Greater Gorgon Area, said the latest agreement with Osaka Gas showed LNG markets for Gorgon were now maturing at a pace consistent with the project's momentum.
The Gorgon Project includes an initial two train LNG facility and a planned domestic gas plant on Barrow Island, construction of which is expected to begin late next year.
The project's other two participants are the Australian subsidiaries of Shell (25 per cent) and ExxonMobil (25 per cent).
