Chevron Finds More Gas at Greater Gorgon

A Chevron affiliate has made a natural gas find at the Chandon-1 exploration well located 160 miles (260 kilometers) offshore north western Australia in permit WA-268-P.

The Chandon-1 well was spud on June 21, 2006, and it sits within the western reaches of the Greater Gorgon development area. It was drilled using Transocean's semisub, Jack Bates, in water depths of approximately 3,900 feet (1,200 meters) with total depth of drilling to 10,200 feet (3,100 meters).

"This gas find underscores the value of focusing Chevron's exploration program on high-impact opportunities," John Watson, president, Chevron International Exploration and Production, said. "Our continued exploration success in Australia, combined with our commitment to developing these resources, offers great prospects for gas markets across the Asia Pacific and North America regions."

Jay Johnson, managing director of Chevron Australia, said Chandon could be an important addition to Chevron Australia's gas resources. "Success in our exploration efforts is always welcome and as Chandon-1 is an exploration well, further work is required to determine the potential of the gas find.

"Our efforts to commercialize the fields of the Greater Gorgon area, our commitment to the expansion of the North West Shelf Venture and our increased exploration program in the region all have the potential to deliver significant long-term benefits to Australia," Johnson explained.

Permit WA-268-P is held 100 percent by Chevron affiliate Texaco Australia Pty Ltd. A farm-in arrangement with affiliates of ExxonMobil and Shell has been executed to align future permit equity with the 2005 Gorgon Area Framework Agreement, which underpins development of the Greater Gorgon area gas resources.

Chevron Australia is operator and 50 percent joint-venture participant in the Gorgon Project, joint-venture participant in the North West Shelf Venture, and operator and joint venture participant in the Barrow Island and Thevenard Island oil fields. The company is also operator of significant exploration acreage located off the northwest coast of Australia.

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