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Bloomberg: Chevron Makes `Significant’ Gas Find Off Australia (Update1)

By Angela Macdonald-Smith

Nov. 10 (Bloomberg) — Chevron Corp., the second-largest U.S. oil company, said it made a “significant” natural gas discovery off Western Australia.

The Clio-1 well found gas over about 190 meters (623 feet), making it “one of the top wells in Australia in terms of total net pay,” the San Ramon, California-based company said today in a statement distributed by PRNewswire. The discovery follows the Chandon-1 find off Western Australia earlier this year.

Chevron increased its exploration budget in Australia to A$250 million ($192 million) this year as it seeks more gas finds to extend the life of proposed liquefied natural gas production plants. It is yet to get government planning approval for the proposed $11 billion Gorgon LNG project. Royal Dutch Shell Plc, a partner in Gorgon, owns 33 percent of Clio-1.

“Our two significant gas discoveries in Chandon and Clio this year demonstrate the benefits of Chevron focusing our exploration program in key basins such as northwestern Australia,” John Watson, president of Chevron International Exploration and Production, said in the statement. The discoveries offer “great prospect for gas markets in Australia and across the Asia-Pacific and North America regions,” he said.

Chevron will carry out a seismic survey starting in mid- December to better define the discovery and options for the development of the field, Jay Johnson, managing director of Chevron’s Australian unit, said in the statement.

To contact the reporter on this story: Angela Macdonald-Smith in Sydney at [email protected] .

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