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Apache, Partners Sign Deal To Sell LNG From Wheatstone To Chubu Electric Power

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4/17/2012 9:41 AM ET

Apache Corp. (APA: Quote) said an Apache Australian subsidiary and its partners have agreed to sell liquefied natural gas from the Chevron-operated Wheatstone Project in Western Australia to Chubu Electric Power Company Inc.

The Wheatstone partners and Chubu signed a heads of agreement to supply 1 million metric tons per annum, or MTpa, of LNG for up to 20 years. Through its 13-percent share in Wheatstone, Apache Julimar Pty Ltd, an Apache subsidiary, will supply 0.13 MTpa to Chubu, or approximately 19 million cubic feet of natural gas per day.

The foundation phase of the project will include two LNG trains with a combined capacity of 8.9 MTpa and a domestic gas plant.

Apache Julimar Pty Ltd and KUFPEC Australia (Julimar) Pty Ltd, a subsidiary of Kuwait Foreign Petroleum Co., will supply gas produced from the Julimar and Brunello fields, large gas accumulations discovered in 2007. Apache has a 65-percent interest in the upstream Julimar Development Project and is the operator.

The heads of agreement is subject to completion of a binding LNG sales agreement.

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by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

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