Chevron Announces Gas Discovery in Greater Gorgon Area
Yellowglen-1 Supports Long-Term Growth Plans for Gorgon
SAN RAMON, CA - January 26, 2010 – Chevron Corporation (NYSE: CVX), through an Australian subsidiary, today announced further exploration drilling success in the Greater Gorgon Area in the Carnarvon Basin offshore Western Australia.
The Yellowglen-1 discovery well is located in the WA-268-P permit area approximately 150 miles (250 kilometers) northwest of Onslow. The well was drilled to a total depth of 9,050 feet (2,760 meters). Results indicate a gas column of approximately 450 feet (137 meters).
"The success of Yellowglen-1, following closely on our recent Satyr-1 and Achilles-1 discoveries in the same area, highlights Chevron's exploration capabilities in the region and helps demonstrate the significance of Australia to Chevron's energy portfolio," said George Kirkland, vice chairman, Chevron.
Jim Blackwell, president, Chevron Asia Pacific Exploration and Production Co. added, "This discovery adds to the growth of our natural gas business in Australia. We plan a robust program of exploration, appraisal and seismic programs in Australia in 2010."
Chevron Australia is the operator of WA-268-P with a 50 percent interest.
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; the inability or failure of the company’s joint-venture partners to fund their share of operations and development activities; the potential failure to achieve expected net production from existing and future crude-oil and natural-gas development projects; potential delays in the development, construction or start-up of planned projects; 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.
Published: January 2010