Chevron keeps eye on Gorgon costs
Some areas of construction ‘‘still need to improve’’ after Gorgon costs surged on gains in the Australian dollar, higher labour expenses and weather delays, Chevron chief financial officer Pat Yarrington told analysts in the US late on Friday.
Labour productivity at Gorgon, located on Barrow Island off north-west Australia, had increased, she said.
Chevron, the second-largest US oil producer by market value, was completing its budget for the year and would inform investors of any potential cost changes, she said.
Royal Dutch Shell and ExxonMobil are partners in Gorgon, which Ms Yarrington said was more than 70 per cent complete.
‘‘Productivity, I would say, is improving on all fronts but there are still some areas that still need to improve,’’ she said.
‘‘We are moving into a critical phase from a schedule standpoint on the project.’’
Frequently Asked Questions about this Article…
The Gorgon natural gas venture is a $52 billion project located on Barrow Island off north-west Australia. It is operated by Chevron, with Royal Dutch Shell and ExxonMobil as partners.
The Gorgon natural gas venture is a $52 billion project located on Barrow Island off north-west Australia, operated by Chevron with partners Royal Dutch Shell and ExxonMobil. It is one of the largest natural gas projects in the world.
The costs of the Gorgon project have increased due to gains in the Australian dollar, higher labor expenses, and weather delays, leading to a 21% budget jump last year.
The costs of the Gorgon project have increased due to gains in the Australian dollar, higher labor expenses, and weather delays. These factors contributed to a 21% budget increase last year.
As of the latest update, the Gorgon project is more than 70% complete, according to Chevron's chief financial officer, Pat Yarrington.
According to Chevron's chief financial officer, Pat Yarrington, the Gorgon project is more than 70% complete.
The Gorgon project is facing challenges such as uncertainties in construction, areas needing improvement, and the critical phase of the project schedule.
The Gorgon project faces challenges such as uncertainties in construction, areas needing improvement, and the critical phase of the project schedule. Despite these, productivity is improving.
Yes, labor productivity at the Gorgon site has increased, although there are still areas that need further improvement.
The main partners involved in the Gorgon project are Chevron, Royal Dutch Shell, and ExxonMobil.
The main partners involved in the Gorgon project are Chevron, Royal Dutch Shell, and ExxonMobil.
Chevron is completing its budget for the year and plans to inform investors of any potential cost changes as they arise.
Yes, Chevron plans to complete its budget for the year and will inform investors of any potential cost changes related to the Gorgon project.
Labor productivity at the Gorgon project has increased, and overall productivity is improving on all fronts, although some areas still need further improvement.
The Gorgon project is moving into a critical phase from a schedule standpoint, as stated by Chevron's chief financial officer.
The current phase of the Gorgon project is critical from a schedule standpoint, indicating that timely completion and addressing remaining challenges are crucial for the project's success.
Call 1300 880 160
Start a chat
Schedule a call
