Chevron said today it had entered into three binding sale agreements for a total of nearly three million tonnes per annum of liquified natural gas (LNG).
As part of the agreements, Japan's Osaka Gas will be supplied with 1.375 million tonnes per annum (mtpa) of LNG while Tokyo Gas will be sold 1.1 mtpa.
The LNG sent to Japan will be sourced from the Gorgon project off the coast of Western Australia.
In addition, South Korea's GS Caltex Corporation will be sold 0.5mtpa of LNG for up to 20 years, with gas sourced from Gorgon and other areas.
The combined value of the deals was $70 billion, Prime Minister Kevin Rudd told parliament.
"It's been a great month for the Australian LNG export industry, with our first long-term contract to supply India worth $25 billion, our biggest-ever single trade deal at $50 billion,'' Mr Rudd said.
"These are massive projects that will generate economic growth, income, jobs and prosperity for the nation for decades to come.''
Chevron Australia managing director Roy Krzywosinski said the sales were a key step towards a final investment decision on the Gorgon project, expected within weeks.
"We are pleased to welcome Osaka Gas and Tokyo Gas, both as foundation customers as well as equity participants, in the Gorgon project,'' Mr Krzywosinski said.
Chevron Global Gas president John Gass said the agreements were a "significant milestone'' in efforts to commercialise the company's equity natural gas.
The company said it expected further sales of Gorgon LNG in the coming months.
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