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Gorgon Project Gets Approvals From Regulators

The Wall Street Journal

By RACHEL PANNETT

CANBERRA, Australia — The federal and Western Australia state governments approved production licenses for the giant Gorgon gas project, clearing the way for a final investment decision by the project’s joint-venture partners.

The approval Tuesday of the five production licenses removed the final regulatory hurdle ahead of a decision by ExxonMobil Corp., Chevron Corp. and Royal Dutch Shell PLC.

Roy Krzywosinski, managing director of Chevron’s Australian unit, said it was “just a matter of weeks” before the partners will be in a position to make a final investment decision. The partners now need to get approval internally and to finalize the development proposals, he said.

The government estimates that the Gorgon development will cost around 50 billion Australian dollars, or roughly $40 billion, to build and would produce liquid-natural-gas exports valued at around A$300 billion.

The project has gained significant momentum recently, with the joint-venture partners signing agreements with buyers in key markets, including Japan, China and India.

Approval of the licenses had been expected.

Write to Rachel Pannett at [email protected]

Printed in The Wall Street Journal, page A8

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