Chevron Announces Natural Gas Discovery in Frontier Exmouth Plateau Area Offshore Western Australia
Brederode-1 discovery continues recent exploration and drilling success
PERTH, Western Australia, August 13, 2010 – Chevron Corp. (NYSE: CVX) 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 350 kilometres (217 miles) northwest of Onslow. Situated in 1,387 metres (4,550 ft) of water, the well was drilled to a depth of 2,750 metres (9,022 ft) and encountered approximately 15 metres (49 ft) 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’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 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 isalso 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
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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.