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Chevron Reports Another Nat Gas Discovery off Western Australian Coast

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Chevron Reports Another Nat Gas Discovery off Western Australian Coast

Chevron Corp. reported another natural-gas discovery off the Western Australian coast--its 20th one since mid-2009--adding to signs that the oil major may be able to expand its liquefied-natural gas project in the region.

Chevron, the second-largest U.S. oil company by market value after Exxon Mobil Corp., said its Kentish Knock South-1 exploration discovery well encountered about 75 meters of net gas pay in the upper Mungaroo Sands.

"The Asia Pacific region is key to Chevron's growth strategy and our strong Australia natural gas portfolio continues to be bolstered by our strategic approach to finding and developing resources that will help meet the growing energy needs in the region," Vice Chairman George Kirkland said Thursday.

Chevron said the discovery follows further drilling success in the Exmouth Plateau area, located in the Carnarvon Basin, a hydrocarbon basin.

In September, Chevron unveiled a natural-gas discovery in the Gorgon area off the coast of Australia. That discovery well, located about 75 miles northwest of Barrow Island off the Western Australia coast, confirmed about 128 feet of net gas pay. And then again, in December, Chevron said it had made two more discoveries in the Carnarvon Basin.

Earlier this month, Chevron said it would consolidate its supply and trading functions into a single group within its gas and midstream business, effective June 1. The downstream organization currently oversees the company's trading operations for crude oil and refined products, while the company's gas and midstream business was responsible for Chevron's natural gas and liquefied natural gas trading operations.

At the time, the company also reported its fourth-quarter earnings rose 41% as increased production helped drive a double-digit rise in upstream earnings.

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

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