press release

Chevron Press Release - Chevron Awarded Portion Of Exploration Permit In Northwest Australia

MELBOURNE, AUSTRALIA, Aug. 17, 1998 -- Chevron today announced that it will be awarded a 20-percent interest in an offshore exploration permit in Northwest Australia, further expanding one of its largest deepwater gas portfolios.

The new permit, W97-16, covers more than 1.14 million acres (4,631 square kilometers) and is located in an area known as Browse Basin, approximately 200 miles (320 kilometers) northwest of Broome, where water depths range from 600 feet (190 meters) to more than 6,500 feet (2,000 meters).

Chevron already holds 16.7-percent interest in the giant Scott Reef and Brecknock gas fields in the adjacent WA-33-P Permit, estimated to hold more than 20 trillion cubic feet of natural gas.

We expect that the structural trend in the adjacent fields extends into the W97-16 exploration area, said John Gass, managing director of Chevron Asiatic Limited. We are excited to participate in the growth and development of this important basin, which could have long-term benefits for Australia and the Asian region.

The new exploration permit complements Chevrons existing gas and oil portfolio in Australia, which consists of numerous exploration and production fields in the Carnarvon and Browse Basins offshore Northwest Australia, oil and gas processing facilities and a major liquefied natural gas plant.

In 1997, Australian operations, in which Chevron partnered, accounted for 110,000 barrels per day (bpd) of oil, 16,000 bpd of liquefied petroleum gas, 100,000 bpd of condensate, as well as the delivery of 375 million standard cubic feet of gas per day to domestic markets and 920 million standard cubic feet per day of liquefied natural gas to world markets.

Equity interest in the W97-16 exploration permit is shared between Chevron Asiatic Limited, Woodside Energy Ltd (operator), BP Petroleum Developments (NWS) Pty Ltd, Shell Development (Australia) Proprietary Limited and BHP Petroleum (North West Shelf) Pty Ltd.

Updated: August 1998