Developing Vital Energy Resources
Looking ahead, we’re investing in the future. Our exploration and appraisal program is an important part of that future investment.
Through our subsidiary, we’ve been a part of Australia’s history for more than 50 years. While we are proud of our achievements to date, we are building a new legacy.
Energy is not a luxury – it's the foundation for economic growth. And by investing in the future, we're helping to build economic prosperity both here in Australia and around the globe.
Right now we’re undertaking our biggest ever drilling campaign in Australia.
Investing in the Search for New Energy
Globally, Chevron plans to spend US$2 billion during 2009 and 2010 on an aggressive oil and gas exploration program. Underpinning this pursuit is the knowledge that discoveries eventually become long-term energy producers.
Offshore north Western Australia is recognised as one of the most progressive areas for gas resources in the world and is a key exploration focus area for Chevron, along with the Gulf of Mexico, offshore western Africa and the U.S. Gulf of Thailand.
Asia-Pacific is Rich with Opportunities
As we aspire to build an Asia-Pacific gas business here in Australia, we will continue to expand our already substantial holdings.
We hold the largest natural gas resource position in Australia in the prized offshore North West Shelf region. Our operated interest spans more than 47,000 square kilometres of acreage and our non-operated interests across more than 16,000 square kilometers - including our 17 percent participation in the North West Shelf Venture.
Meeting the Energy Challenge
Since 2004, we’ve been awarded seven deepwater permits off Western Australia and made significant gas discoveries at Wheatstone (2004), Chandon and Clio (Greater Gorgon Area 2006), Perenite South (Barrow Island, 2006) and the extension of the lago field (2008). Non-operated discoveries include Persephone 1 and Pemberton 1 (North West Shelf Venture).
For the remainder of this year and in 2010, we’ll be investing hundreds of millions of dollars into exploration and appraisal activities in the North West Shelf region.
Our campaign involves two deepwater submersible wells in the Greater Gorgon Area, Exmouth Plateau and the Wheatstone areas.
Partnering to Support our Growth Plans
Working with our project partners in the North West Shelf Venture and Gorgon, we’re now finalising the future work scheduled for these rigs.
THE ENSCO 7500 – is a dynamically positioned semi submersible rig which is capable of drilling depths up to approximately 35,000 feet with a water depth of 8,000 feet. The rig positions itself by Global Position Satellite (GPS).
THE ATWOOD EAGLE – is a semi submersible rig with a maximum water depth of 5,000 feet and a drilling depth of 25,000 feet. Once in place, it is anchored to its location.
Successful discoveries would be linked with facilities already operating or being planned – in turn providing substantial benefits to Australia.