Chevron Awarded New Acreage Offshore Australia

Chevron's Australian subsidiary has successfully bid for the exploration rights to four deepwater blocks with significant natural gas potential in the Carnarvon Basin offshore Western Australia. Chevron Australia will be the operator and will hold a 50 percent interest, together with Shell Development Australia, which will hold the remaining 50 percent interest.

The permit areas, WA-364-P, WA-365-P, WA-366-P and WA-367-P, are located on the Exmouth Plateau, 160 -- 480 miles (100 to 300 kilometers) northwest of the Western Australian coastline. The Plateau is the deep-water frontier of the Carnarvon basin, Australia's premier petroleum basin, which includes the North West Shelf and Greater Gorgon resources.

John Watson, Chevron International Exploration and Production president, said, "Our successful bid for this exploration acreage reflects Chevron's ongoing commitment to the exploration and development of Australia's petroleum resources. It is also evidence of our intention to continue the pursuit of attractive growth opportunities in the region as we build an integrated global gas business.

"We plan to use Chevron's proprietary seismic techniques and extensive deepwater project experience in combination with our joint-venture partner to deliver greater value," said Watson.

Jay Johnson, managing director of Chevron Australia, added, "Western Australia is a cornerstone of Chevron's plans to build an internationally competitive gas business to supply energy to Australia, Asia and North America West Coast. The award of this new acreage comes on the heels of our successful exploration offshore Western Australia last year, which resulted in the Wheatstone gas discovery."

The proposed three-year work program includes the acquisition of 3,068 miles (5,032 km) of two-dimensional seismic, 1,359 square miles (3,521 km2) of three-dimensional seismic and the drilling of two exploration wells. Seismic work will begin later this year. There is potential for a further three-year work program.
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