Chevron Confirms Deepwater Gas Discovery at Satyr-1

Chevron has announced an additional natural gas discovery in the Carnarvon Basin offshore Western Australia. The discovery is located in Australia's premier hydrocarbon basin, where Chevron is the leading leaseholder.

Drilled by the Ensco 7500 semisub, the exploration well, Satyr-1, located 100 miles (160 kilometers) offshore in the Greater Gorgon Area in 3,510 feet (1,070 meters) of water, was drilled to a total depth of 14,960 feet (4,560 meters). The well discovered 425 feet (130 meters) of net gas pay.

"Our offshore drilling campaign in northwestern Australia continues to deliver results and is expected to provide additional natural gas supplies to underpin the Chevron-operated Gorgon natural gas project," said George Kirkland, executive vice president, Global Upstream and Gas, Chevron Corporation.

"The success of Satyr-1, following closely on the Achilles-1 discovery, highlights the quality of Chevron's exploration capability in the region and the significance of Australia to Chevron's energy portfolio," said Jim Blackwell, president, Chevron Asia Pacific Exploration and Production.

Satyr-1 is located in the WA-374-P permit area. Chevron Australia is the operator with a 50 percent interest. Shell Development (Australia) Pty Ltd and Mobil Australia Resources Company each hold a 25 percent interest.

The initial Gorgon Project development, in northwestern Australia, will include a three-train, 15 million-metric-tons-per-year liquefied natural gas facility and a domestic gas plant.