Credit: Shutterstock photoChevron Australia has unlocked more gas discoveries in the Carnarvon Basin, off Western Australia, bringing its total discovery haul to 19 just in the area alone.
In a statement on Friday, Chevron said it encountered about 60 metres and about 45.5 metres of net gas pay from its Pinhoe-1 and Arnhem-1 wells, respectively.
The discoveries bring positive news that its Gorgon and Wheatstone gas-export projects could be bigger than what earlier resource figures indicated. However, the new discoveries may be more expensive to develop since they are far away located from the coast.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
