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Chevron Makes Gas Discovery Off Coast of Australia

Bloomberg

By Edward Klump – Aug 12, 2010 9:05 PM

Chevron Corp., the second-largest U.S. oil company, announced a natural-gas discovery in the Exmouth Plateau area off the northwest coast of Australia.

The Brederode-1 exploration well was drilled to a depth of 9,022 feet (2,750 meters) in waters 4,550 feet deep, San Ramon, California-based Chevron said today in a statement. It found 49 feet of net gas pay, the company said.

The discovery provides further evidence of the gas potential of the Exmouth Plateau in the Carnarvon Basin, Chevron Vice Chairman George Kirkland said in the statement. It follows a 2009 discovery in the same area and extends known gas resources farther off Australia’s shores, the company said.

Chevron, the largest holder of undeveloped gas resources in Australia, is operator of the WA-364-P permit area, which includes the Brederode-1 well site, and has a 50 percent stake in the prospect. A unit of Europe’s Royal Dutch Shell Plc owns the other 50 percent.

Chevron Chief Executive Officer John Watson seeks to boost oil and gas production with wells in places such as the Gulf of Mexico and Australia. The company has said its proposed Wheatstone and Gorgon liquefied-natural-gas ventures are centerpieces of its global growth plans.

Chevron fell 6 cents to $77.07 as of the 4 p.m. close of New York Stock Exchange composite trading. Shell rose 1 pence to 1,781.5 pence in London.

Exxon Mobil Corp. is the largest U.S. oil company.

To contact the reporter on this story: Edward Klump in Houston at [email protected].

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