HOUSTON (Dow Jones)
Chevron Corp. said Friday it expects to make a final investment decision on its multi-billion-dollar Gorgon liquefied natural gas project at Barrow Island in Western Australia before the end of the year.
"We actually believe...will be able to stay completely on track with the final investment decision before the end of the year," said Patricia Yarrington, Chevron's vice president and chief financial officer, who was speaking to analysts in a conference call.
Chevron recently won conditional approval from an Australian regulator for Gorgon. The Environmental Protection Agency of Western Australia said that although it was still opposed to the building of the Gorgon liquefied natural gas facility on a nature reserve, the plan could pass with strict conditions.
After a two-week public appeal process, the state government will decide whether to allow the project and on what conditions. The U.S. oil company, with partners Royal Dutch Shell PLC and Exxon Mobil Corp., wants to increase the size of Gorgon.
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