Pinhoe-1 and Arnhem-1 discoveries expand natural gas resource
potential in the Carnarvon Basin
SAN RAMON, Calif.--(BUSINESS WIRE)--Dec. 27, 2012--
Chevron Corporation (NYSE: CVX) today announced further drilling success
by its Australian subsidiary in the Exmouth Plateau area of the
Carnarvon Basin, a premier hydrocarbon basin.
The Pinhoe-1 exploration discovery well encountered approximately 197
feet (60 meters) of net gas pay in the Barrow and Mungaroo Sands.
Pinhoe-1 is located in the WA-383-P permit area, located approximately
124 miles (200 kilometers) north of Exmouth off the Western Australia
coast. The well was drilled in 3,048 feet (929 meters) of water to a
total depth of 13,396 feet (4,083 meters).
The Arnhem-1 exploration discovery well confirmed approximately 149 feet
(45.5 meters) of net gas pay in the upper Mungaroo Sands. Arnhem-1 is in
the WA-364-P permit area, located approximately 180 miles (290
kilometres) north of Exmouth off the Western Australia coast. The well
was drilled in 3,963 feet (1,208 meters) of water to a total depth of
9,557 feet (2913 meters).
“Chevron Australia’s ongoing success offshore of Western Australia is a
result of our long-term commitment to exploring and developing the
region. The Carnarvon Basin is a world-class hydrocarbon basin, and
these discoveries underscore the quality of our Australian portfolio and
our technical competence,” said George Kirkland, vice chairman, Chevron
Corporation.
Melody Meyer, president, Chevron Asia Pacific Exploration and Production
Company, said the two discoveries expand Chevron’s discovered gas
portfolio in Australia. Chevron has now announced a total of 19
discoveries in Australia since mid-2009.
“These discoveries in the Exmouth area are significant as they are
located farther out from other discoveries in the greater Gorgon and
Wheatstone development in the Carnarvon basin and indicates development
potential in the broader region,” said Meyer.
Chevron Australia is the operator of both the WA-383-P and WA-364-P
permit areas and has a 50 percent interest with Shell Development
(Australia) Pty Ltd holding the remaining 50 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
"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
Kurt Glaubitz, +1 925-790-6928
