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AFX Europe (Focus): ChevronTexaco, Exxon, Royal Dutch agree Australia gasfield development - report ( 5 April 05


LONDON (AFX) - ChevronTexaco Corp, Exxon Mobil Corp and Royal Dutch/Shell Group have agreed to jointly develop several natural gas fields off the Australian coast, officials familiar with the agreement told the Wall Street Journal.


The deposits, including the Gorgon and Io-Jansz fields, comprise an estimated 40 trln cubic feet of recoverable gas, making it one of the largest in the world.


ChevronTexaco will have a 50 pct stake and will operate the field, while Exxon Mobil and Royal Dutch will take 25 pct each, according to officials.


The companies have not booked the gas as undeveloped reserves yet because final sales agreements are not in place, the newspaper said.


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