Developing Vital Energy Resources
Energy is not a luxury – it's the foundation for economic growth. Western Australia’s abundance of natural gas is emerging as a key resource for Australia and transforming it into a significant energy player on the world stage.
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. Our exploration and appraisal program is an important part of building economic prosperity here in Australia and around the globe.
Investing in the Search for New Energy
We are the largest exploration lease holder in Australia and we always look at opportunities to expand our resource base and add to our asset portfolio. We have an impressive queue of projects that will support energy security for Australia and drive growth for the Chevron Corporation. Chevron is leading the investment of more than $84 billion worth of LNG projects on behalf of our joint venture partners which includes the Gorgon and Wheatstone projects.
Chevron’s exploration success rates are amongst the best in the industry.
We invest in leading edge technology to explore for and develop new resources. We are supported by our Perth-based Global Technology Centre which works to reduce development costs, maintain exploration success and improve recovery. Our partnerships with the WA Energy Research Alliance, CSIRO, University of Western Australia and Curtin University are vital for new research and development.
Asia-Pacific - 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. In February 2017, Chevron was successful in acquiring new exploration acreage (EP WA-526-P) in the Northern Carnarvon Basin within close proximity to the Gorgon Project.
We hold the largest natural gas resource position in Australia in the prized offshore North West Shelf region. Our operated interest spans more than 42,000 square kilometres of acreage and our non-operated interests across more than 14,000 square kilometres - including our 16.7 percent participation in the North West Shelf Venture. Our campaign involves deepwater semi-submersible drilling in the Greater Gorgon Area, Exmouth Plateau and the Wheatstone area.
North Western Australia Exploration Acreage Map - click to enlarge
Latest Exploration Success
Our most recent discovery was in April 2015, when we announced a further drilling success in the Greater Gorgon Area located in the Carnarvon Basin.
The Isosceles-1 exploration discovery well encountered approximately 134 metres (440 feet) of net gas pay in the Triassic Mungaroo Sands in 968 metres of water (3,175 feet). The well fulfilled the second year work commitment in the exploration program. It is located in the WA-392-P permit area approximately 95 kilometres (60 miles) northwest of Barrow Island, off the coast of Western Australia.
Success starts with the geology. It requires a detailed regional understanding of the potential of a basin to identify reservoirs and hydrocarbon traps. We have a talented and creative exploration team with global experience who are able to use our 70,000 square kilometres of seismic data to find new opportunities and prospects.
Great Australian Bight
In October 2013, Chevron Australia acquired two deepwater exploration permits (EPP44 and EPP45) in the Great Australian Bight – A deepwater frontier basin approximately 300 kilometres west of Port Lincoln off the southern Australian coast.
While the Great Australian Bight is one of Australia’s most prospective frontier hydrocarbon regions, in the current low oil price environment it was not able to compete for capital in Chevron’s global portfolio. Chevron is confident the Great Australian Bight can be developed safely and responsibly.