Chevron Announces Natural Gas Discoveries Offshore Western Australia

 Chevron Corp. (NYSE: CVX) today announced further drilling success by its Australian subsidiary in the Carnarvon Basin offshore Western Australia, Australia’s premier hydrocarbon basin.

The Acme West-1 well encountered approximately 377 ft (115m) of net gas pay, while Acme West-2 well encountered 184 ft (56m) of net gas pay. The two wells, located in the WA-205-P permit area, add additional resources adjacent to last year’s Acme discovery.

The Acme West-1 and Acme West-2 exploration discovery wells are approximately 93 miles (150km) from Onslow, and were drilled in 3,035ft (925m) of water. Acme West -1 was drilled to a total depth of 15,558 ft (4,742 m) and Acme West 2 was drilled to 14,590 ft (4,447 m).

George Kirkland, vice chairman, Chevron Corporation, said, “This is our 11th exploration discovery in a 24-month period. Our exploration success and ability to continually add to our Australian portfolio supports our long-term plan to position Chevron as one of the world’s leading LNG suppliers.”

“The discoveries are expected to help underpin potential expansion opportunities at the Wheatstone liquefied natural gas (LNG) hub, which moved to the construction phase in September 2011.

Melody Meyer, president, Chevron Asia Pacific Exploration and Production Company, said, “We are realizing the benefits of our investment in an extensive drilling campaign and the opportunities we have as a leading lease holder in the Carnarvon Basin.

“The discoveries underscore the quality of the company’s drilling program, and commitment to technical excellence and safe operations.”

Chevron Australia is the operator of the WA-205-P permit and holds a combined 67 percent interest, while Shell Development (Australia) holds the remaining interest.

Chevron Corporation