SAN RAMON, Calif. (

TheStreet

) --

Chevron

(CVX) - Get Report

said Thursday it has signed three agreements for liquefied natural gas from the Gorgon project offshore Australia.

Chevron will supply nearly 3 tons a year of LNG from the Australian field to the Japanese companies

Osaka Gas

and

Tokyo Gas

and to South Korean company

GS Caltex

.

Chevron said Osaka Gas also would buy a 1.25% equity stake in the Gorgon project, while Tokyo Gas would purchase a 1% equity stake. Chevron's stake in the project will be reduced to 47.75%.

"Securing sales agreements with three major customers in Japan and Korea is a significant milestone in Chevron's efforts to commercialize our equity natural gas and grow our LNG business," said John Gass, president of Chevron Global Gas, in a statement Thursday.

Chevron didn't disclose the value of the agreements, but reports say they are worth 70 billion Australian dollars ($60.2 billion).

Chevron said it expects further sales for LNG from the Gorgon field to be "executed in the coming months."

-- Reported by Joseph Woelfel in New York

.

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