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AFX Asia (Focus): Chevron Corp/Shell expand exploration off Australia’s north west coast

AFX Asia (Focus): Chevron Corp/Shell expand exploration off Australia’s north west coast

“It said in a statement that Chevron Australia will be the operator and will hold a 50 pct interest while Shell Development Australia will hold the remaining 50 pct.”

Tuesday July 05, 2005

SYDNEY (AFX) – Chevron Corp said its Australian subsidiary has successfully bid for the exploration rights to four deepwater blocks with significant natural gas potential in the Carnarvon Basin offshore Western Australia.

It said in a statement that Chevron Australia will be the operator and will hold a 50 pct interest while Shell Development Australia will hold the remaining 50 pct.

The permit areas, WA-364-P, WA-365-P, WA-366-P and WA-367-P, are located on the Exmouth Plateau, 100-300 kms northwest of the Western Australian coastline.

The plateau is the deep-water frontier of the Carnarvon basin, Australia’s premier petroleum basin, which includes the North West Shelf and Greater Gorgon resources.

Chevron International Exploration and Production president John Watson said the successful bid for the exploration acreage reflects Chevron’s ongoing commitment to the exploration and development of Australia’s petroleum resources.

Watson said it also provides evidence of Chevron’s intention to continue the pursuit of attractive growth opportunities in the region as it builds an integrated global gas business.

Chevron Australia chief executive Jay Johnson said Western Australia is a cornerstone of Chevron’s plans to build an internationally competitive gas business to supply energy to Australia, Asia and North America West Coast.

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