Largest LNG project Gorgon Cost Blowout
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Australia's largest LNG project Gorgon, has a US$15 billion cost blowout as announced at Chevron's 2012 Q4 results. The Gorgon LNG project is located 130 kilometres off the north west coast of Western Australia.
- Chevron Corp. CVX) owns 47.3 percent of the Gorgon LNG project, followed by Royal Dutch Shell plc (RDS.A) and Exxon Mobil Corp. (XOM) who each own 25 percent a piece. The remaining minority stake is owned by two Japanese energy companies.
- The cost blowout is blamed on the high Australian dollar, which added "about a third" to the cost blowout, as announced by the Chevron chief executive John Watson in the results release. (The Aussie was at US 86 cents when the project was green lighted in 2009, now the Australian dollar is hovering at $US1.04)
- Costs for the Gorgon LNG project blew out from US$37 billion to US$52 billion. (+40.5 percent)
- Chevron has another Australian LNG project at Wheatsone in the Pilbarra.
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