Chevron(US:CVX) Zhi Tong Cai Jing·2025-12-05 03:45Group 1 - Chevron's Australian subsidiary and its partners have made a final investment decision to further develop the Gorgon natural gas project in Western Australia, committing AUD 3 billion (approximately USD 2 billion) to connect two offshore gas fields to existing infrastructure on Barrow Island and drill six new wells [1] - The Gorgon project is Australia's largest resource development project, producing approximately 15.6 million tons of liquefied natural gas (LNG) annually [1] - The International Energy Agency (IEA) forecasts that global natural gas consumption will reach a historical high in 2026, with demand growth accelerating to about 2% as supply fundamentals ease [1] Group 2 - The IEA expects a slowdown in natural gas demand growth in 2025, followed by a rebound in 2026, which will drive total demand to record levels [1] - A significant increase in LNG supply is anticipated to alleviate market fundamental pressures and promote strong growth in price-sensitive markets in Asia [1] - Natural gas consumption in the industrial and energy sectors is projected to account for about half of the new natural gas demand, with natural gas power generation demand expected to represent 30% of the demand growth in 2026 [1]