“Members will soon cease current industrial action,” the Offshore Alliance, which represents Chevron’s highly unionised workforce, said in a statement.

Workers had launched strike action two weeks ago, threatening a major production pipeline that pumps out 5% of global liquefied natural gas stocks and spooking global gas markets.

The union said workers from three Chevron gas facilities – Gorgon, Wheatstone Platform and Wheatstone Downstream – had met and decided to accept an agreement put forward by Australia’s Fair Work Commission.

Offshore Alliance spokesman Brad Gandy said the industrial umpire’s proposal included “substantial improvements” including higher remuneration and better job security.

“The Offshore Alliance will now work with Chevron to finalise the drafting of the agreement and members will soon cease current industrial action,” Gandy said.