Wednesday, January 27, 2010

Chevron Find More Natural Gas in Australia Field

SAN RAMON, Calif. (AP) - Chevron Corp., the second-largest U.S. oil company, said Tuesday it made a new gas find off the coast of Western Australia.

The company is pursuing a "robust" exploration program in the region, said Jim Blackwell, president of Chevron Asia Pacific Exploration and Production Co. added.

The waters off of Australia have lured major energy companies to the region in recent years for two reasons: massive natural gas fields and proximity to China.

China is hungry for energy sources to feed its booming industrial sector.

Last year, Exxon Mobil Corp. announced a $41 billion contract to provide liquefied natural gas to PetroChina Co., Asia's largest oil and gas company, from the yet-to-be developed Gorgon gas field off Australia's far northwest coast.

At the Yellowglen-1 discovery well in the Carnarvon Basin, Chevron has drilled to about 9,050 feet, the company said Tuesday.

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