Chevron Australia and its joint venture partners will extend the life of the Gorgon project off the WA coast, after making a $3 billion investment call.
Chevron made its first payments under the Petroleum Resource Rent Tax in August, the latest in a long-running debate over industry's obligations which triggered a policy reform last year.
Decommissioning Chevron's oilfields on Barrow Island is expected cost more than $2.3 billion, with state and federal governments thought to be on the hook for at least $500 million of the bill.
Chevron Australia has started a round of redundancies, as it delivers on a mandate from US-based parent company Chevron Corporation to cut its global workforce by up to 20 per cent.
Chevron has announced a suite of leadership changes including Balaji Krishnamurthy moving from its technical center in Houston to become president of its Australian operations.
