First LNG is now being produced from Train 1 of the 15.6 mmtpa Gorgon LNG project. The first cargo is expected to leave the facility next week and marks the entry of Chevron as an independent marketer of LNG, selling mainly long-term contracts into Japan but with more recent agreements indicating a broadening customer base. The project has been technically and logistically challenging, with cost inflation and delays leading to budget overruns. However, point forward, the project will generate large amounts of cash for the partners. Chevron aims to bring on the second and third train within 12 months, though we see this, along with persisting poor market conditions, as being a key risk to the project.