SAN RAMON, Calif., October 18, 2009 - Chevron Corporation (NYSE: CVX) today announced an additional natural gas discovery in the Greater Gorgon area's Carnarvon Basin, Australia's premier offshore hydrocarbon zone.
The Achilles-1 exploration well, located approximately 100 miles (160 kilometers) off the coast of northwest Australia, was drilled to a total depth of 14,800 feet (4,500 meters) and encountered approximately 325 feet (100 meters) of net gas pay.
"This discovery is located in a highly prospective area where Chevron is the leading leaseholder, and it adds to our recent exploration successes," said George Kirkland, Chevron's executive vice president, Global Upstream and Gas. "The discovery will also build on the supply that underpins the projected 40-year life of the Gorgon Project."
Jim Blackwell, president of Chevron Asia Pacific Exploration and Production, said that offshore northwest Australia remains one of the company's focus areas for global exploration.
"As we expand our Australia natural gas business, additional discoveries in the most prospective areas in the region will be expected to be tied into facilities already under construction or being planned," said Blackwell.
The Achilles-1 well is located in the WA-374-P permit area in the Greater Gorgon area. Chevron Australia is the operator of WA-374-P with 50 percent interest, while Shell Development (Australia) and ExxonMobil Australia each hold 25 percent. Chevron is currently spudding an additional exploration well (Satyr-1) in the permit area.
In August 2009, Chevron announced natural gas discoveries of 375 feet (115 meters) of net gas pay at the Clio-2 well and 110 feet (34 meters) of net gas pay at the Kentish Knock-1 well, located offshore Western Australia.
Chevron Corporation is one of the world's leading integrated energy companies, with subsidiaries that conduct business worldwide. The company's success is driven by the ingenuity and commitment of approximately 62,000 employees who operate across the energy spectrum. Chevron explores for, produces and transports crude oil and natural gas; refines, markets and distributes transportation fuels and other energy products; manufactures and sells petrochemical products; generates power and produces geothermal energy; provides energy efficiency solutions; and develops the energy resources of the future, including biofuels and other renewables. Chevron is based in San Ramon, Calif. More information about Chevron is available at www.chevron.com.
Cautionary Statement Relevant to Forward-Looking Information for the Purpose of "Safe Harbor" Provisions of the Private Securities Litigation Reform Act of 1995.
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," "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; timely completion of the development of fields; 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.