Chevron Corp. (NYSE: CVX) said on Jan. 15 it is on track to export the first cargo of LNG from its Australian Gorgon project—the world's most expensive—early this year.

Natural gas supplies from the $54 billion project will come to market just as a raft of other Australian projects come on line and the U.S. is due to export its first cargo from abundant shale gas supplies.

Prices for the fuel in Asia have plummeted as slowing economic growth has dented demand growth.

Chevron said that in preparation for the project's start-up it had begun to cool down the LNG storage and loading facilities at the Gorgon plant on Barrow Island off western Australia.

In order to cool down the equipment, which is necessary to liquefy the natural gas for shipment onboard tankers, a cargo of LNG was shipped to the plant from Indonesia on Chevron's Asia Excellence gas carrier.

The vessel has been moored at Barrow Island for the past two weeks, Reuters shipping data showed.

Commercial deliveries of LNG from the 15.6 million tonne per annum Gorgon project will go mainly to customers in Asia and are due to start later this year.

The commissioning of the plant is good news for Chevron following delays and billions of dollars in cost overruns.

The company didn't say when the first cargo would be exported, but chief executive John Watson said last year it would be shipped in the first quarter of 2016.

Chevron operates the project and holds a 47.3% stake. ExxonMobil Corp. (NYSE: XOM) and Royal Dutch Shell Plc (NYSE: RDS.A) holds 25% each, while Japan's Osaka Gas Co. Ltd., Tokyo Gas Co. Ltd. and Chubu Electric Power Co. Inc. hold the remaining shares.