Satyr-2 in Greater Gorgon Area marks 15th
discovery in Australia since mid-2009
SAN RAMON, Calif.--(BUSINESS WIRE)--Sep. 19, 2012--
Chevron Corporation (NYSE: CVX) announced further drilling success by
its Australian subsidiary in the Greater Gorgon Area, located in the
Carnarvon Basin, a premier hydrocarbon basin.
The Satyr-2 exploration discovery well confirmed approximately 128 feet
(39 meters) of net gas pay. The well is located in the WA-374-P permit
area approximately 75 miles (120 kilometers) northwest of Barrow Island
off the Western Australian coast. The well was drilled in 3,570 feet
(1,088 meters) of water to a total depth of 12,454 feet (3,796 meters).
Satyr-2 is Chevron’s fifteenth discovery in Australia since mid-2009.
George Kirkland, vice chairman, Chevron Corporation, said, “This new
discovery in the Greater Gorgon Area further highlights the quality of
Chevron’s exploration capability in the region and the significance of
Australia to Chevron’s energy portfolio.”
Melody Meyer, president, Chevron Asia Pacific Exploration and Production
Company, said, “The continued exploration success in the Carnarvon Basin
could help underpin expansion opportunities at our LNG projects in
Australia and support our drive to become a leading supplier of
liquefied natural gas to world markets and domestic gas to Western
Australia.”
Chevron Australia is the operator of WA-374-P with a 50 percent interest
while Shell and Exxon Mobil each hold 25 percent.
Chevron is one of the world’s leading integrated energy companies, with
subsidiaries that conduct business worldwide. The company is involved in
virtually every facet of the energy industry. Chevron explores for,
produces and transports crude oil and natural gas; refines, markets and
distributes transportation fuels and lubricants; manufactures and sells
petrochemical products; generates power and produces geothermal energy;
provides energy efficiency solutions; and develops the energy resources
of the future, including biofuels. Chevron is based in San Ramon, Calif.
More information about Chevron is available at www.chevron.com.
Cautionary Statement Relevant to Forward-Looking Information for
the Purpose of “Safe Harbor” Provisions of the Private Securities
Litigation Reform Act of 1995.
Some of the items discussed in this press release are forward-looking
statements about Chevron's activities in Australia. Words such as
“could”, "anticipates," "expects," "intends," "plans," "targets,"
“forecasts,” "projects," "believes," "seeks," “schedules,” "estimates,"
"budgets," “outlook” and similar expressions are intended to identify
such forward-looking statements. The statements are based upon
management's current expectations, estimates and projections; are not
guarantees of future performance; and are subject to certain risks,
uncertainties and other factors, some of which are beyond the company's
control and are difficult to predict. Among the important factors that
could cause actual results to differ materially from those in the
forward-looking statements are changes in prices of, demand for and
supply of crude oil and natural gas; actions of competitors; the
inability or failure of the company’s joint-venture partners to fund
their share of operations and development activities; the potential
failure to achieve expected net production from existing and future
crude oil and natural gas development projects; potential delays in the
development, construction or start-up of planned projects; the potential
disruption or interruption of the company’s net production or
manufacturing facilities or delivery/transportation networks due to war,
accidents, political events, civil unrest, or severe weather;
government-mandated sales, divestitures, recapitalizations,
industry-specific taxes and changes in fiscal terms or restrictions on
scope of company operations; foreign currency movements compared with
the U.S. dollar; and general economic and political conditions. The
reader should not place undue reliance on these forward-looking
statements, which speak only as of the date of this press release.
Unless legally required, Chevron undertakes no obligation to update
publicly any forward-looking statements, whether as a result of new
information, future events or otherwise.
Source: Chevron Corporation
Chevron Corporation
Alex Yelland, Singapore, +65 9720 2560
