Chevron Named Operator and Awarded 50 Percent Interest in Exploration Block
SAN RAMON, Calif., Feb. 19 /PRNewswire-FirstCall/ -- Chevron
Corporation (NYSE: CVX) today announced that its subsidiary Chevron
Australia Pty Ltd has been awarded the exploration rights to acreage in the
highly prospective Greater Gorgon Area located off the northwest coast of
Australia.
Chevron Australia will be the operator of the block and will hold a 50
percent interest; the Australian subsidiaries of ExxonMobil and Shell will
each hold a 25 percent interest.
"This award demonstrates progress on Chevron's strategy to achieve
superior exploratory success from a focused, high-impact exploration
program," said John Watson, president, Chevron International Exploration
and Production. "Australia continues to feature prominently in our plans to
build an internationally competitive natural gas business to supply energy
to both the country and other regions around the world."
Jay Johnson, managing director, Chevron Australia Pty Ltd, added,
"Awarding of this acreage highlights Chevron's significant and continuing
exploration and development investment aimed at unlocking Australia's gas
resources."
The W06-12 permit area in the Carnarvon Basin covers an area of
approximately 1,150 square miles (3,000 square kilometers) and lies
approximately 60 miles (100 kilometers) northwest of the Australian
coastline. The Carnarvon Basin, Australia's premier petroleum basin,
includes both the North West Shelf and Greater Gorgon Area resources.
The three-year work program for the permit area includes geotechnical
studies, approximately 110 miles (180 kilometers) of 2-D seismic
reprocessing, 650 square miles (1,700 square kilometers) of 3-D seismic
survey acquisition and the drilling of an exploration well. Seismic work
will begin this year. There is potential for a further three-year work
program.
Headquartered in Perth, Western Australia, Chevron Australia is
operator and 50 percent joint-venture participant in the Gorgon Project,
joint-venture participant in the North West Shelf Venture, operator and
joint venture-participant in the Barrow Island and Thevenard Island oil
fields, and operator of significant exploration acreage located off the
northwest coast of Australia.
Chevron Corporation is one of the world's leading energy companies.
With more than 55,000 employees, Chevron subsidiaries conduct business in
approximately 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.
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" 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 demand for and supply of
crude oil and natural gas; results of additional testing; selection and
successful execution of development plans; actions of competitors; the
potential disruption or interruption of project activities due to war,
accidents, political events, civil unrest or severe weather; 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.
SOURCE Chevron Corporation
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Related links:
http://www.chevron.com/
CONTACT:
Perth, Scott Walker, +61-8-9216-4485, or
Houston, Margaret Cooper, +1-832-854-6239, or Bangkok, Nicole
Hodgson, +66-2545-6061, all for Chevron
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