Chevron Unveils Natural-Gas Discovery Off Western Australia Coast

Chevron Sells Wheatstone LNG Project Interests to Pan Pacific Energy

Chevron Corp. unveiled a natural-gas discovery in the Gorgon area off the coast of Western Australia, which the company said will support long-term plans for its Gorgon liquefied-natural gas project.

Shares were down 1.9% at $107.16 in premarket trading.

The second biggest oil company in the U.S. behind Exxon Mobil Corp., Chevron said an exploration well encountered approximately 97 feet of net gas pay. The well, about 40 miles northwest of Barrow Island, was drilled in 690 feet of water to a total depth of 16,581 feet.

The company said it is its 14th discovery in the region since 2009.

Chevron has been investing heavily in Asia-Pacific--including the construction of the Gorgon and Wheatstone projects to tap a projected surge in demand for cleaner-burning fuels.

Chevron Australia is the operator of the permit block and holds a 47.3% interest. Exxon Mobil Corp. and Royal Dutch Shell PLC's Shell Development Australia each have 25% interests.

Copyright (c) 2012 Dow Jones & Company, Inc.


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armando loremia | Jul. 26, 2012
i hope Chevron Corp. and other oil companies will also have interest in the exploration of liquefied natural gas(LNG) in the philippines. As reported in our local television news a water flowing out is flammable when being ignited by the local resident in the area. i think we have an abundant deposits of LNG. this will surely help the economy of our country

owatowose mudashiru | Jul. 24, 2012
they should be continue to rendering a quality operation and good services.

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