Chevron Named Operator and Awarded 50 Percent Interest in Exploration Block
SAN RAMON, Calif., and PERTH, Australia, Jan. 30 /PRNewswire-FirstCall/ --
Chevron Corporation (NYSE: CVX) subsidiary Chevron Australia Pty Ltd has been
awarded the exploration rights to offshore block W05-16 in the Carnarvon Basin
in Australia. The block, in the highly prospective Greater Gorgon Area, is
located off the northwest coast of Australia.
Chevron will be the operator of the block and will hold a 50 percent
interest. Shell Development Australia and ExxonMobil each will hold a
25 percent interest in the block. The W05-16 permit area covers an area of
1,020 square miles (2,650 square kilometers) and lies approximately 60 miles
(100 km) northwest of Barrow Island. The Carnarvon Basin, Australia's premier
petroleum basin, includes both the North West Shelf and Greater Gorgon Area
resources.
John Watson, Chevron International Exploration and Production Company
president, said, "This award demonstrates our worldwide focus on pursuing
high-impact areas for exploration and signals Chevron's further commitment to
pursue attractive growth opportunities as part of our integrated global gas
business."
Jay Johnson, managing director of Chevron Australia Pty Ltd, added, "This
acreage, which is adjacent to the gas fields of the Chevron-led Gorgon
Project, significantly expands our interests in offshore Western Australia and
reinforces the prominence of Australia in Chevron's overall exploration and
development plans. The work to support this bid reflects the advancement in
our technical understanding of the complex geology of this basin."
The three-year work program for the permit area includes geotechnical
studies, approximately 1,500 miles (2,350 km) 2-D seismic reprocessing,
695 square miles (1,800 sq. km) 3-D seismic survey acquisition and the
drilling of two exploration wells. Seismic work will begin this year. There
is potential for a further three-year work program.
Headquartered in Perth, Western Australia, Chevron Australia Pty Ltd is
leading the joint-venture development of the Greater Gorgon Area licenses, is
a joint-venture participant in the North West Shelf Venture, and is operator
and joint-venture participant in the Barrow Island and Thevenard Island oil
fields. All are located off the northwest coast of Australia.
Chevron Corporation is one of the world's leading energy companies. With
more than 53,000 employees, Chevron subsidiaries conduct business in over
180 countries around the world, producing and transporting crude oil and
natural gas, and refining, marketing, and distributing fuels and other energy
products. Chevron is based in San Ramon, Calif. More information on Chevron
is available at http://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.
This press release of Chevron Corporation contains forward-looking
statements relating to Chevron's operations that are based on management's
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particularly, regulations and litigation dealing with gasoline composition and
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on forward-looking statements.
U.S. Securities and Exchange Commission (SEC) rules permit oil and gas
companies to disclose only proved reserves in their filings with the SEC.
Certain terms, such as "resources" or "reserves" and others that are used in
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Annual Report on Form 10-K for the year ended December 31, 2004.
SOURCE Chevron Corporation
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Related links:
http://www.chevron.com
CONTACT:
Margaret Cooper, Houston, +1-832-854-6239, or
Donald Campbell, San Ramon, +1-925-842-2589, or Scott Walker,
Perth, +61 8 9216-4485, all of Chevron Corporation
NOTE TO EDITORS: The awarded area is the equivalent of more than
110 lease blocks in the U.S. Gulf of Mexico. Map of license area
available upon request.
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