Chevron 2005 Annual Report Download - page 15

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Delivering the Promise of Natural Gas
Chevron is building an integrated global gas business that brings together the key businesses
involved in every aspect of natural gas activities — production, liquefaction, shipping, regasifi cation,
pipelines, marketing and trading, power generation, and gas-to-liquids technology. A major part of
this effort is the development and marketing of the 10 million-metric-ton-per-year Gorgon liquefi ed
natural gas (LNG) project offshore Western Australia. One of our “Big 5” projects, Gorgon is a
world-class asset with vast natural gas resources. It is well positioned to supply LNG to customers
in Asia and North America, two of the world’s fastest-growing markets.
Two LNG milestones were reached in 2005. First, the Gorgon joint-venture partners signed a framework agreement that will
enable the combined development of Gorgon and nearby natural gas fi elds as one world-class project. This was followed by
Chevron signing Heads of Agreement with three major Japanese utilities as foundation customers for sales of Gorgon LNG.
Agreements were signed with Tokyo Gas Co., Ltd.; Chubu Electric Co., Inc.; and Osaka Gas Co., Ltd.
LNG MILESTONES ACHIEVED
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