Catanduanes Forum

WA's swift recovery from the global financial crisis has been all but assured after three of the world's biggest oil companies agreed yesterday to invest $43billion developing the Gorgon gas project in the state's North-West. In a more expected to trigger a new boom in resources-rich Western Australia, the Gorgon partners, led by Chevron Corp, said thier project would be a "pillar of the economy for four decades"and would invest $33billion in the Australian economy, much of it in this State. Construction on Barrow Island off Dampier, where the massive liquified natural gas plant will be based, is set to start immediately and the partners, Chevron, ExxonMobile and Royal Dutch Shell, expect to deliver the first LNG to thier Asian costomers within five years. Up to 10.000 workers will be emplyed during the project's construction phase, followed by 3500 permanent operational jobs. The Chamber of Commerse and Industry WA labelled Gorgon's go-ahead as "an economy-changing project for WA". The Chamber of Minerals and Energy said it was "imposible to overstimate the impact this project will have on the economy". At its projeced $43billion development cost--substantially below the expected $50billion figure--it will dwarf in value every other resources project in Australia, including the massive NorthWest Shelf gas venture and the Pilbara's giant iron ore mines. Flanked by Premier Colin Barnet and Federal Resources and Energy Minister Martin Ferguson in Perth yesterday, Chevrpn's opstream executive vice-president George Kirkland would be an iconic project for Australia and position the country as a world leader in greenhouse gas storage.