wheatstone is about 2/3 the size of gorgon. it does not feel any smaller. >> we are at the north side. the second of two lng tanks we are building. we are going up top so you can get an overview of the entire operation we have going on here. this is one of the two lng tanks on the side. this is where it will be cooled before it is moved to the loading jet out there. erik: what are we looking at? >> the inside of a tank, 92 meters in diameter, 47 meters tall. it will be full of natural gas every couple days. that is big. that is very big. erik: wheatstone is set to start production in 2016. so far, it is on target. gorgon, which was greenlighted at $37 billion, is wildly over budget and a year behind schedule. >> it was one of the worst in the industry. if the harvard business school wanted a case study of what not to do, it would be gorgon. chevron as the operator has 50% interest. they just bit off more than they could chew. it was too big. whether they want to admit it is too big, maybe we should ask companies that have more

erik: gorgon is on barrow island, north of perth.ister development, wheatstone, is on the mainland. they will produce 4 billion cubic feet of natural gas a day, enough to feel new york with plenty to spare. but the u.s. has more gas than it needs, which is why chevron came to australia. >> i see what is happening in the developing world. they need power. where is it going to come from? it is going to come from natural gas. we have had prolific discoveries of natural gas in australia. gorgon and wheatstone, the combined spending on those projects is about $85 billion. that reflects a significant amount of natural gas we have found in the area and the opportunity to develop it in proximity to the asian markets has created a good investment opportunity for us. erik: both projects take gas from undersea deposits, clean it, freeze it, and load it onto tankers bound for japan and elsewhere in asia. wheatstone is about 2/3 the size of gorgon. >> we are at the north side. the second of two lng tanks we are building. you can see the entire op