Chevron Announces Natural Gas Discovery in Australia
Sappho-1 discovery to support long-term LNG growth plans
PERTH, Western Australia - July 14, 2010 - Chevron Corporation’s subsidiary, Chevron Australia Pty Ltd today announced a new exploration drilling success in the Carnarvon Basin offshore Western Australia, Australia’s premier hydrocarbon basin.
The Sappho-1 exploration well is located in the WA-392-P permit area approximately 140 kilometres (87 miles) northwest of Onslow. The well was drilled to a depth of 4,696 metres (15,406 feet) and encountered approximately 75 metres (246 feet) of net gas pay.
George Kirkland, vice chairman, Chevron, said, "The Sappho-1 discovery is another example of the success of Chevron’s significant exploration investment in northwest Australia and will support our long-term plans to build a leading natural gas business to supply energy to Australia and the Asia-Pacific region."
Jim Blackwell, president, Chevron Asia Pacific Exploration and Production Co., said, "This is the latest in a succession of back-to-back discoveries that underscore our exploration capabilities. These discoveries will underpin the Gorgon and Wheatstone projects."
Chevron, through its Australian subsidiary, is the operator of WA-392-P with 50 percent interest, while Shell Development (Australia) and an Australian subsidiary of ExxonMobil each hold 25 percent.
Chevron is one of the world's leading integrated energy companies and through its Australian subsidiaries, has been present in Australia for almost 60 years. With the ingenuity and commitment of more than 1,800 people, Chevron Australia leads the development of the Gorgon and Wheatstone natural gas projects; manages its equal one-sixth interest in the North West Shelf Venture; and operates Australia’s largest onshore oilfield on Barrow Island and the Thevenard Island oilfields. The company is also a participant in the Browse liquefied natural gas development and is a significant investor in exploration offshore northwest Australia, one of Chevron’s four global focus areas for exploration.
In addition, Chevron’s Perth-based Global Technology Centre provides technology support and solutions to the company’s operations in Australia and around the world. www.chevronaustralia.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," "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.