Chevron Corp.’s Gorgon natural gas project off Australia’s northwest coast boasts the world’s biggest carbon dioxide storage facility, a jetty more than a mile long and enough steel to build the Sydney Harbour Bridge four times. The cost: $54 billion. With Australia’s largest resource development starting to produce liquefied natural gas, industry leaders and analysts say a venture this ambitious won’t be replicated any time soon. Chevron’s Gorgon project on Barrow Island Oil’s worst slump in a generation underscores the risk of investing in mega-projects like Gorgon. Expected to cost $37 billion when construction began more than six years ago, Chevron’s development with partners Royal Dutch Shell Plc and Exxon Mobil Corp. has suffered from cost blowouts, delays and bad timing. Oil and gas producers in the future will look to spread out their investments in phases, according to Australia’s Woodside Petroleum Ltd. “The industry got too caught up […]