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Chevron Announces Natural Gas Discovery in Exmouth Plateau Frontier Offshore Western Australia
Chevron Corp. today announced a natural gas discovery in the Exmouth Plateau area of the Carnarvon Basin offshore Western Australia. The discovery is located in Australia’s premier hydrocarbon basin, where Chevron is a leading lease holder.
The Brederode-1 exploration well is located within the WA-364-P permit
area approximately 217 miles (350 km) northwest of Onslow. Situated in
4,550 feet (1,387 m) of water, the well was drilled to a depth of 9,022
feet (2,750 m) and encountered approximately 49 feet (15 m) of net gas
pay.
George Kirkland, vice chairman, Chevron, said, “We are encouraged by the
Brederode-1 exploration success, which is further evidence of the
natural gas potential in the Exmouth Plateau area and the frontier
opportunities offshore northwest Australia.”
Jim Blackwell, president, Chevron Asia Pacific Exploration and
Production Co., said the Brederode-1 discovery, which follows the 2009
Kentish Knock discovery in the same area, extends the gas resources
farther offshore Australia and continues to grow our discovered gas
portfolio in Australia.
“This discovery expands the resource potential in the Carnarvon Basin
frontier and demonstrates our long-term commitment to developing
Australia’s world-class natural gas resources,” said Blackwell.
Chevron is the largest holder of undeveloped gas resources in Australia.
Chevron’s Australian subsidiary is the operator of WA-364-P with 50
percent interest. Shell Development (Australia) also holds 50 percent
interest.
Chevron is one of the world’s leading integrated energy companies, with
subsidiaries that conduct business worldwide. The company’s success is
driven by the ingenuity and commitment of its employees and their
application of the most innovative technologies in the world. Chevron is
involved in virtually every facet of the energy industry. The company
explores for, produces and transports crude oil and natural gas;
refines, markets and distributes transportation fuels and other energy
products; manufactures and sells petrochemical products; generates power
and produces geothermal energy; provides energy efficiency solutions;
and develops the energy resources of the future, including biofuels.
Chevron is based in San Ramon, Calif. More information about Chevron is
available at http://www.chevron.com.
Cautionary Statement Relevant to Forward-Looking Information for the
Purpose of “Safe Harbor” Provisions of the Private Securities Litigation
Reform Act of 1995.
Some of the items discussed in this press release are forward-looking
statements about Chevron’s activities in Australia. Words such as
“anticipates,” “expects,” “intends,” “plans,” “targets,” “projects,”
“believes,” “seeks,” “schedules”, “estimates,” “budgets” and similar
expressions are intended to identify such forward-looking statements.
The statements are based upon management’s current expectations,
estimates and projections; are not guarantees of future performance; and
are subject to certain risks, uncertainties and other factors, some of
which are beyond the company’s control and are difficult to predict.
Among the factors that could cause actual results to differ materially
are changes in prices of, demand for and supply of crude oil and natural
gas; actions of competitors; the inability or failure of the company’s
joint-venture partners to fund their share of operations and development
activities; the potential failure to achieve expected net production
from existing and future crude-oil and natural-gas development projects;
potential delays in the development, construction or start-up of
planned projects; the potential disruption or interruption of production
and development activities due to war, accidents, political events,
civil unrest, or severe weather; government-mandated sales,
divestitures, recapitalizations and changes in fiscal terms or
restrictions on scope of company operations; and general economic and
political conditions. You should not place undue reliance on these
forward-looking statements, which speak only as of the date of this
press release. Unless legally required, Chevron undertakes no obligation
to update publicly any forward-looking statements, whether as a result
of new information, future events or otherwise.
Source: Chevron Corporation
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