SAN RAMON, Calif., Nov. 9 /PRNewswire-FirstCall/ -- Chevron Corporation
(NYSE: CVX) today announced a significant natural gas discovery at its
Clio-1 exploration well located 90 miles (150 kilometers) offshore
northwestern Australia in permit WA-205-P.
The Clio-1 well was completed in September 2006 and was drilled using
Transocean's semi-submersible drilling rig Jack Bates in water depths of
approximately 3,000 feet (960 meters) with total vertical depth of drilling
to 15,500 feet (4725 meters).
The well discovered 623 feet (190 meters) of net gas sands in the
Mungaroo Formation, which places Clio as one of the top wells in Australia
in terms of total net pay.
"Our two significant gas discoveries in Chandon and Clio this year
demonstrate the benefits of Chevron focusing our exploration program in key
basins such as northwestern Australia," John Watson, president of Chevron
International Exploration and Production, said.
"Our continued exploration success in Australia, combined with our
commitment to developing these resources, offers great prospect for gas
markets in Australia and across the Asia-Pacific and North America
regions."
Jay Johnson, managing director of Chevron Australia, said, "The Clio
discovery highlights the quality of our exploration capability in the
region and the significance of northwestern Australia to Chevron's energy
portfolio.
"Chevron will be undertaking further work, including a 3D seismic
survey program starting in mid-December, to better determine the potential
of the gas find and subsequent development options," he added.
"Our efforts to commercialize the fields of the Greater Gorgon area,
our commitment to the expansion of the North West Shelf Venture and our
increased exploration and development program in the region all have the
potential to deliver significant long-term benefits to Australia,"
explained Johnson.
Chevron affiliates Chevron Australia Pty Ltd and Texaco Australia Pty
Ltd operate permit WA-205-P and hold 67 percent interest. Shell Development
Australia holds 33 percent.
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
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.
Some of the items discussed in this press release are forward-looking
statements about Chevron's activities in Australia. Words such as
"estimated" "planned" 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 the demand for and supply of crude oil and
natural gas; 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 the 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:
Margaret Cooper, Houston, +1-832-854-6239, or
Bradley Haynes, Perth, +61 8-9216-4211, or Nicole Hodgson,
Bangkok, +66 2545-6061, all for Chevron Corporation
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