Chevron Corp. has signed a non-binding, decade-long agreement to supply as much as 1 million tons of liquefied natural gas a year from its developments in Australia to a subsidiary of state-owned power firm China Huadian Group, The Wall Street Journal reported. At full volume, the deal would lock in for the agreement’s duration sales of more than 80% of production from the international energy conglomerate’s Gorgon and Wheatstone gas-export projects in Austraila’s northwest. The tentative deal marks the early days in a strategy banking on freezing LNG into liquid form for export to Asia on the expectation of continued growth in demand for cleaner-burning fuels.
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