Japanese consortium acquires an 8% stake in Chevron's Wheatstone LNG project
Chevron has announced that PE Wheatstone (PEW), a new special-purpose company backed by a Japanese public-private consortium, will purchase an 8% interest in the LNG plant and a 10% interest in the Wheatstone field licences. TEPCO, a participant in the consortium, will offtake PEW's entire equity LNG volumes of 0.7 mmtpa. This, in addition to separate purchase agreements totalling 3.5 mmtpa, takes TEPCO's total Wheatstone LNG offtake to 4.2 mmtpa. Our base case valuation of the ...