Chevron’s $25bn Wheatstone liquefied natural gas (LNG) project, offshore the north-west coast of Australia, has received conditional approval from Western Australia’s Environmental Protection Agency.
Under the terms of the approval, Chevron must reduce its environmental impact by way of decreasing carbon dioxide emissions by ten million tons per year, and limit the impact of extensive dredging.
Chevron will outline its final investment plan at the end of the year, the company said.
The project is expected to produce 25 million tons of LNG per annum, primarily for export, and the first phase of the project will have a capacity of 8.9 million tons per annum of LNG, as well as a domestic gas plant.
The Wheatstone project is owned by Apache, Kuwait Foreign Petroleum Exploration and Shell, holding 13%, 7%, and 6.4% equity, respectively.
Tokyo Electric Power Company and Kyushu Electric Power Company have also signed agreements to become equity participants in the project, reports Reuters.