BP, Chevron Back $2 Billion North West Shelf Development Phaseby
Greater Western Flank Phase 2 to tap 1.6 trillion cubic feet
Project due to start gas production in second half of 2019
BP Plc, Chevron Corp. and the other partners in Australia’s largest oil and gas venture approved a $2 billion expansion in the project, the fourth major gas development at the North West Shelf in the past seven years.
The Greater Western Flank Phase 2 off the north-west coast will develop 1.6 trillion cubic feet of gas from six fields, the operator of the North West Shelf, Woodside Petroleum Ltd., said Friday in a statement. This project will start production in the second half of 2019, Woodside said.
The North West Shelf, which accounts for more than a third of Australia’s oil and gas production, represents investments of more than $34 billion, according to the project’s website.
The six equal participants own a 16.67 percent share. In addition to Woodside, BP and Chevron, the partners are BHP Billiton Ltd., Royal Dutch Shell Plc and Japan Australia LNG (MIMI) Pty, which is a joint venture between Mitsubishi Corp. and Mitsui & Co.