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Page added on December 16, 2011
Chevron finds natural gas off western Australia
Chevron Corp. said Thursday that a well being drilled off the coast of western Australia hit natural gas.
The company said its Australian subsidiary found gas in water nearly a mile deep and 186 miles from the coastal city of Exmouth. The well was drilled to a depth of 12,461 feet.
It was Chevron’s 12th discovery off the Australian coast since mid-2009, the company said. Chevron is seeking to become a leading supplier of natural gas in western Australia and liquefied natural gas for world markets.
Chevron’s Australian subsidiary is the operator and holds a 50 percent interest in operations in the permit area of the latest well. A Shell subsidiary holds the other 50 percent.
Chevron shares fell 86 cents to close at $99.67.
One Comment on "Chevron finds natural gas off western Australia"
BillT on Sat, 17th Dec 2011 1:14 am
Has this web site become nothing more than an ad site for Big Petro? There is a lot of natural gas in many places, but if it is profitable to get and use is another story that will unwind over the next decade.
Then there is the need for investment in infrastructure and bingo!, it will be years before all this gas gets anywhere, if ever. All this sudden gas availability around the world will depress prices below profitability, I think. End of story.