As per the media reports, approx 3 million tonnes a year of liquefied natural gas would be sold by U. S. oil firm Chevron from its Gorgon project in Australia, paving the way for a final investment decision in coming weeks.

On Thursday, Chevron declared that for over 25 years, it shall sell Osaka Gas 1.375 million tonnes and Tokyo Gas 1.1 million tonnes of LNG a year. For nearly 20 years, GS Caltex in South Korea will buy 0.5 million tonnes.

Chevron will require selling an equity share of 1.25 percent, under the agreement, in the Gorgon project, to Osaka Gas; and another 1 percent to Tokyo Gas. This will slash Chevron's stake to 47.75 percent.

Meanwhile, on Thursday, Australian Prime Minister Kevin Rudd specified separately that the deal will lead to an estimated over A$70 billion ($60 billion) exports over 25 years.

Though the financial details of the LNG and equity sales were not forwarded by Chevron, it did say that it hopes to witness further Gorgon LNG sales in coming months.

As of now, a final investment decision is being awaited by the $42 billion Gorgon project from Chevron and its partners, which should likely come by the middle of this month.

Twenty five percent stake each is held by ExxonMobil Corp and Royal Dutch Shell in Gorgon project, which has a proposed capacity of 15 million tonnes per year.