Chevron Announces Further Natural Gas Discovery Offshore Australia
Satyr-4 Discovery Supports Company's Long-Term Growth Plans for Gorgon
PERTH, Western Australia, Oct 25, 2012 - Chevron Corporation (NYSE: CVX) today announced further drilling success by its Australian subsidiary in the Greater Gorgon Area, located in the Carnarvon Basin, a premier hydrocarbon basin.
The Satyr-4 exploration discovery well confirmed approximately 67 metres (220 feet) of net gas pay. The well is located in the WA-374-P1 permit area approximately 120 kilometres (75 miles) northwest of Barrow Island, off the Western Australian coast. The well was drilled in 1,088 metres (3,570 feet) of water to a total depth of 4,579 metres (15,023 feet).
"This latest discovery is a further demonstration of how we are achieving superior success from a focused and high-impact exploration program in a key hydrocarbon basin,” said George Kirkland, vice chairman, Chevron Corporation.
Melody Meyer, president, Chevron Asia Pacific Exploration and Production Company, said, “Satyr-4 further underscores Chevron’s continuing success in this prolific block and supports our long-term growth plan for the Gorgon Project, and our goal to be a leading LNG supplier to the Asia Pacific region.”
Chevron Australia is the operator of WA-374-P with a 50 percent interest while Shell Development (Australia) Pty Ltd and Mobil Australia Resources Company Pty Limited 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 60 years. With the ingenuity and commitment of more than 3,000 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. Chevron is also a significant investor in exploration offshore northwest Australia and the company’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
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Notes to Editor:
1: Chevron has made the previous natural gas discoveries in WA-374-P:
Satyr-1: http://www.chevronaustralia.com/media/mediastatements/exploration.aspx?NewsItem=77907a5a-85c7-4d10-a0d0-8190cfcfd4d0
Satyr- 2: http://www.chevronaustralia.com/media/mediastatements/exploration.aspx?NewsItem=7886375c-62ae-4876-b656-2028cf499117
Satyr-3: http://www.chevronaustralia.com/media/mediastatements/exploration.aspx?NewsItem=575f804c-5185-4a30-9956-c9bfb15810c6
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," “forecasts,” "projects," "believes," "seeks," “schedules,” "estimates," "budgets," “outlook” 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 important factors that could cause actual results to differ materially from those in the forward-looking statements 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 the company’s net production or manufacturing facilities or delivery/transportation networks due to war, accidents, political events, civil unrest, or severe weather; government-mandated sales, divestitures, recapitalizations, industry-specific taxes and changes in fiscal terms or restrictions on scope of company operations; foreign currency movements compared with the U.S. dollar; and general economic and political conditions. The reader 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.