Giant energy company Chevron Australia signed an agreement worth up to 70 billion Australian dollars ($ 60 billion) to supply liquefied natural gas (LNG) to Japan and South Korea.

“This contract will deliver Australia’s exports to $ 70 billion worth of exports for 25 years,” said Prime Minister Kevin Rudd told parliament, as quoted by AFP on Thursday (10/9/2009).

Rudd added that the gas will come from the Gorgon field of Western Australia. Under the contract, Chevron will supply 1.375 million tonnes of LNG per year to Osaka Gas, 1.1 million tons to Tokyo Gas, and 0.5 million tons for South Korea’s GS Caltex.

This follows the announcement last month that PetroChina will purchase LNG from the Gorgon field worth $ 50 billion in which this agreement is the biggest trade in Australia’s history.

On the other hand, Petronet India also signed a supply contract with the developer on the Gorgon field worth $ 25 billion in mid-August.

The Gorgon field was later expected to develop future production in 2014. “This is an extraordinary month for Australian LNG export industry,” Rudd said.