Chevron has confirmed a major cost blowout at its Gorgon liquefied natural gas development off the Western Australian coast, but it is not as large as speculated.

Chevron said the budget had increased from $43 billion to $52 billion, well under the $60 billion that was widely speculated in recent media reports.

In US dollar terms, the increase was substantially greater, from $US37 billion, to $US52billion.


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