Chevron Corp. (NYSE: CVX) said July 20 it will deliver LNG to JOVO, a privately-held Chinese energy company.
Chevron U.S.A. Inc., a subsidiary of the San Ramon, Calif.-based company, signed an agreement with a JOVO subsidiary for the delivery of up to 0.5 million metric tons per annum of LNG over five years.
Mike Wirth, executive vice president of Chevron Midstream and Development, called the agreement another important step in the commercialization of the company's natural gas holdings.
"We are positioned to become one of the top 10 LNG suppliers in the world," Wirth said in a statement.
The first delivery is expected to arrive in 2018, according to the release. JOVO's LNG business includes a LNG receiving terminal, tank truck operations, urban pipelines for natural gas, automobile gas refilling stations, direct industrial clients, power plant customers and exclusive management of an industrial park in South China.
Recommended Reading
Kosmos Energy’s RBL Increased, Maturity Date Extended
2024-04-29 - Kosmos Energy’s reserve-based lending facility’s size has been increased by about 8% to $1.35 billion from $1.25 billion, with current commitments of approximately $1.2 billion.
Barnett & Beyond: Marathon, Oxy, Peers Testing Deeper Permian Zones
2024-04-29 - Marathon Oil, Occidental, Continental Resources and others are reaching under the Permian’s popular benches for new drilling locations. Analysts think there are areas of the basin where the Permian’s deeper zones can compete for capital.
NOV Announces $1B Repurchase Program, Ups Dividend
2024-04-28 - NOV expects to increase its quarterly cash dividend on its common stock by 50% to $0.075 per share from $0.05 per share.
Repsol to Drop Marcellus Rig in June
2024-04-28 - Spain’s Repsol plans to drop its Marcellus Shale rig in June and reduce capex in the play due to the current U.S. gas price environment, CEO Josu Jon Imaz told analysts during a quarterly webcast.
US Drillers Cut Most Oil Rigs in a Week Since November
2024-04-26 - The number of oil rigs fell by five to 506 this week, while gas rigs fell by one to 105, their lowest since December 2021.