Chevron Announces Natural Gas Discoveries Offshore Western Australia
Acme West-1 and -2 exploration discoveries continue drilling success in Australia
SAN RAMON, Calif., October 27, 2011 - Chevron Corp. (NYSE: CVX) today announced further drilling success by its Australian subsidiary in the Carnarvon Basin offshore Western Australia, Australia's premier hydrocarbon basin.
The Acme West-1 well encountered approximately 377 ft (115m) of net gas pay, while Acme West-2 well encountered 184 ft (56m) of net gas pay. The two wells, located in the WA-205-P permit area, add additional resources adjacent to last year's Acme discovery.
The Acme West-1 and Acme West-2 exploration discovery wells are approximately 93 miles (150km) from Onslow, and were drilled in 3,035ft (925m) of water. Acme West -1 was drilled to a total depth of 15,558 ft (4,742 m) and Acme West 2 was drilled to 14,590 ft (4,447 m).
George Kirkland, vice chairman, Chevron Corporation, said, "This is our 11th exploration discovery in a 24-month period. Our exploration success and ability to continually add to our Australian portfolio supports our long-term plan to position Chevron as one of the world's leading LNG suppliers."
"The discoveries are expected to help underpin potential expansion opportunities at the Wheatstone liquefied natural gas (LNG) hub, which moved to the construction phase in September 2011.
Melody Meyer, president, Chevron Asia Pacific Exploration and Production Company, said, "We are realizing the benefits of our investment in an extensive drilling campaign and the opportunities we have as a leading lease holder in the Carnarvon Basin.
"The discoveries underscore the quality of the company's drilling program, and commitment to technical excellence and safe operations."
Chevron Australia is the operator of the WA-205-P permit and holds a combined 67 percent interest, while Shell Development (Australia) holds the remaining interest.
Chevron is one of the world's leading integrated energy companies, with subsidiaries that conduct business worldwide. The company's success is driven by the ingenuity and commitment of its employees and their application of the most innovative technologies in the world. Chevron is involved in virtually every facet of the energy industry. The company explores for, produces and transports crude oil and natural gas; refines, markets and distributes transportation fuels and other energy products; 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," "projects," "believes," "seeks," “schedules,” "estimates," "budgets" 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 factors that could cause actual results to differ materially 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 production and development activities due to war, accidents, political events, civil unrest, or severe weather; government-mandated sales, divestitures, recapitalizations and changes in fiscal terms or restrictions on scope of company operations; and general economic and political conditions. You 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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