Elfin-1 discovery grows unrivalled natural gas portfolio in Australia
SAN RAMON, Calif.--(BUSINESS WIRE)--Apr. 23, 2013--
Chevron Corporation (NYSE: CVX) today announced further drilling success
by its Australian subsidiary in the Exmouth Plateau area, located in the
Carnarvon Basin.
The Elfin-1 exploration discovery well encountered approximately 132
feet (40 meters) of net gas pay in the upper Mungaroo sands. It is
Chevron’s 21st discovery offshore western Australia since
mid-2009.
Located in the WA-268-P permit area, the well is located approximately
106 miles (170 kilometers) northwest of Barrow Island and was drilled in
3,570 feet (1,088 meters) of water to a total depth of 11,909 feet
(3,630 meters).
“Elfin-1 is a demonstration of our continued industry leading
exploration success,” said George Kirkland, vice chairman, Chevron
Corporation. “These discoveries build a platform for future growth for
Chevron.”
Melody Meyer, president, Chevron Asia Pacific Exploration and Production
Company said, “This remarkable series of exploration discoveries in the
Carnarvon Basin has created a robust gas portfolio in Australia. The
growth of this portfolio positions the company to supply future LNG
demand in the Asia Pacific region.”
Chevron Australia is the operator of WA-268-P with a 50 percent interest
while Shell Development Australia and Mobil Australia Resources each
hold a 25 percent interest.
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
"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.
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Source: Chevron Corporation
for Chevron
Alex Yelland, Singapore, +65 9720 2560
