Chevron calls end of LNG mega project after $88Bn spree

Chevron Corp. has signaled the end of major new liquefied natural gas (LNG) projects in Western Australia and is unlikely to sanction an expansion of its Gorgon and Wheatstone export developments as it focuses on boosting returns from $88-billion of investment. The climate for developing large greenfield LNG projects has shifted to smaller developments given a slump in the price of oil to under $50 a barrel, according to Nigel Hearne, a managing director with the company’s Australia unit.