Chevron Discovers Additional Natural Gas Offshore Australia

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Chevron Discovers Additional Natural Gas Offshore Australia

Chevron Corp. said it made another natural-gas discovery off the shore of Australia, adding to the oil major's portfolio in the region, where the company has major liquefied-natural gas projects.

Chevron, the second-largest U.S. oil company by market value after Exxon Mobil Corp., said the discovery well, located in the Carnarvon Basin about 106 miles northwest of Barrow Island, encountered approximately 132 feet of net gas pay. The well, located in 3,570 feet of water, was drilled to a total depth of 11,909 feet.

Melody Meyer, president of Chevron's Asia-Pacific exploration-and-development unit said a string of discoveries in the Carnarvon Basin has created a robust gas portfolio in Australia, which helps position Chevron to supply future LNG demand in the Asia Pacific region.

Chevron Australia is the operator, with a 50% interest.

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

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