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More Natural Gas Discovered Off Western Australia

Chevron Corporation's Australia unit, the Chevron Asia Pacific Exploration and Production Company, announced on Thursday its discovery of another natural gas find in the Exmouth Plateau area of the Carnarvon Basin, offshore Western Australia. The recent find is the company's 12 th in Australia since mid 2009.

In a statement, Chevron said its Vos-1 well encountered approximately 453 feet (138 metres) of net gas pay. The discovery in the Vos-1 permit area is jointly owned with Shell Development (Australia) Pty Ltd holding 50 per cent, with Chevron owning the other 50.

"Our on-going exploration success continues to add to our Australian resource base, further underpinning our drive to be a leading supplier of liquefied natural gas to world markets and natural gas to Western Australia," said Melody Meyer, president of Chevron Asia Pacific Exploration and Production Company.

Chevron owns more than $60 billion worth of liquefied natural gas ( LNG ) export projects under construction in northwestern Australia, including the $29 billion Wheatstone project. It is positioning itself to become one of the country's largest LNG suppliers.

On one hand, Chevron's Gorgon project, a giant 15 million tonne per annum (mtpa) undertaking, is expected to start in 2014. On the other hand, its' recently approved Wheatstone project, forecast to yield 8.9 mtpa, will come online in 2016.

Read more:

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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.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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