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Reuters: Chevron's Gorgon plant faces union calls for safety checks

Jul. 21, 2016 11:23 AM ETChevron Corporation (CVX) StockXOM, CVX, SHELBy: Carl Surran, SA News Editor9 Comments
  • Forced to shut its $54B Gorgon liquefied natural gas export plant twice in its first five months, Chevron (CVX +0.1%) now faces calls from union officials for a probe into the site's safety, Reuters reports.
  • The Australian Manufacturing Workers' Union says a failed weld on a valve casing caused the gas leak that forced the plant to close on July 1, and has formally requested access to the site.
  • Two industry sources claim CVX ignored advice from project partners Royal Dutch Shell (RDS.A, RDS.B) and Exxon Mobil (NYSE:XOM) to go slow with the launch of Gorgon, according to the report.
  • The two shutdowns may have cost Gorgon more than $200M in lost output, excluding repairs and other expenditures, and the outages have contributed to a jump in global LNG spot prices, which are up by ~40% since April.
  • CVX said yesterday that it expected Gorgon production to resume shortly.

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