SOURCE: Industrial Info Resources

Industrial Info Resources

August 10, 2012 06:15 ET

Chevron Announces Detailed Cost Review for Australia's Gorgon LNG Project, an Industrial Info News Alert

PERTH, AUSTRALIA--(Marketwire - Aug 10, 2012) - Researched by Industrial Info Resources Australia (Perth, Australia) -- The Gorgon Liquefied Natural Gas (LNG) project is being developed in a nature reserve on Barrow Island in Western Australia by Chevron Australia Pty Limited (NYSE:CVX) (Perth, Australia). The large-scale LNG project was given the development go-ahead in September 2009 and was initially forecasted to cost about $39.17 billion. Three years later, the expected investment value of the project has increased to $45.52 billion, and Chevron expects the costs to continue to rise. Chevron recently announced the need to perform a detailed cost review for the LNG project to determine by how much the billion-dollar budget is likely to increase. Industrial Info is tracking seven large-scale LNG production projects under construction in Australia, with a total investment value of more than $173.58 billion.

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