Chevron Announces Gas Find in Greater Gorgon Area Offshore Western Australia
New exploration discovery supports company′s long-term growth plans
for Gorgon
Chevron Corporation (NYSE: CVX) today announced a natural gas discovery
by its Australian subsidiary in the Greater Gorgon Area of the Carnarvon
Basin, offshore Western Australia.
The Pontus-1 exploration well encountered approximately 97 feet (30
metres) of net gas pay. The well is located in the WA-37-L permit area
in the Greater Gorgon Area gas fields, approximately 40 miles (65
kilometres) northwest of Barrow Island. The well was drilled in 690 feet
(210 metres) of water to a total depth of 16,581 feet (5,054 metres).
George Kirkland, vice chairman, Chevron Corporation, said, 'The Pontus-1
discovery again highlights Chevron′s exploration success as we continue
building a significant natural gas position in Western Australia to
supply Australia and the Asia-Pacific region.?
Melody Meyer, president, Chevron Asia Pacific Exploration and Production
Company, said, 'This discovery represents our fourteenth discovery
offshore north-western Australia since 2009 and will support potential
future expansion opportunities for the Gorgon Project.?
Chevron Australia is the operator of WA-37-L and holds a 47.3% interest
in the permit. Exxon Mobil and Shell Development Australia both hold
25%, Osaka Gas holds 1.25%, Tokyo Gas holds 1% and Chubu Electric Power
holds approximately 0.42%.
Chevron 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 its employees and their
application of the most innovative technologies in the world. Chevron is
involved in virtually every facet of the energy industry. The company
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.
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,' 'forecasts,?
'projects,' 'believes,' 'seeks,' 'schedules,? 'estimates,' 'budgets,'
'outlook? 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 important factors that could cause
actual results to differ materially from those in the forward-looking
statements 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 the company′s net production or manufacturing facilities
or delivery/transportation networks due to war, accidents, political
events, civil unrest, or severe weather; government-mandated sales,
divestitures, recapitalizations, industry-specific taxes and changes in
fiscal terms or restrictions on scope of company operations; foreign
currency movements compared with the U.S. dollar; and general economic
and political conditions. The reader 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.
Chevron Corporation
Gareth Johnstone, +65 9728 8375
