Chevron has struck a deal with South Korean conglomerate SK Group to buy 4.15million tonnes of LNG over five years.
The oil major has been looking to secure long-term contracts for its Australian liquefied natural gas.
The deal will see the SK Group purchase the gas over a five year period from its Gorgon LNG project.
Pierre Breber, president of Chevron gas and midstream, said: “This agreement is an important step in the commercialization of Chevron’s significant natural gas holdings in Australia.”
Chevron declined to comment on pricing terms on the contract or whether pricing had been affected by the oil price slide.
The company is 47.3% owner and operator of the massive Gorgon project. Its partners are ExxonMobil Corp, Royal Dutch Shell Group, Osaka Gas, Tokyo Gas and Chubu Electric Power.
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