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Reuters: Chevron says Gorgon partners secure new acreage

Tuesday 31 January 2006, 11:41pm EST
SYDNEY, Jan 31 (Reuters) – Chevron Corp. (CVX.N: Quote, Profile, Research) said on Tuesday it had been awarded new oil and gas exploration acreage in the Carnarvon Basin off the northwest coast of Australia, adjacent to its existing Gorgon gas field development.
Chevron will operate the W05-16 block with a 50 percent share. Royal Dutch Shell (RDSa.L: Quote, Profile, Research)(RDSb.L: Quote, Profile, Research) and Exxon Mobil Corp. (XOM.N: Quote, Profile, Research), its partners in Gorgon, will hold 25 percent each.
The partners will begin seismic investigations of the 1,020 square miles (2,650 square kilometres) block this year, and plan a three-year exploration program.
Meanwhile, the Gorgon partners are expected to make a final investment decision on that project, which claims certified gas reserves of 12.9 trillion cubic feet, by the middle of this year.
Chevron has already secured sales of liquefied natural gas
(LNG) from Gorgon to Osaka Gas (9532.T: Quote, Profile, Research), Chubu Electric Power Co. (9502.T: Quote, Profile, Research) and Tokyo Gas Co. (9531.T: Quote, Profile, Research), all of which could also take a stake in the project.
The Carnarvon Basin is also home to the North West Shelf, Australia's only LNG producing facility.
($1=A$1.33)

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