Tuesday, August 17, 2010

Chevron Finds Natural Gas in Australia - Again

Chevron Corp., the second-largest U.S. oil company, announced another natural-gas discovery in the Carnarvon Basin off Australia’s western coast.
The Acme-1 well encountered about 896 feet (273 meters) of net gas pay, San Ramon, California-based Chevron said today in a statement. The well was drilled to a depth of 15,469 feet in 2,880 feet of water.
The discovery is the company’s ninth and biggest off the coast of western Australia in the past 12 months, Vice Chairman George Kirkland said in the statement. Chevron announced Aug. 12 that its Brederode-1 exploration well in the Carnarvon Basin found 49 feet of net gas pay.
The company is operator of the WA-205-P permit area, which includes the Acme-1 well, and has a 67 percent stake in the prospect. A unit of Europe’s Royal Dutch Shell Plc owns the rest.
Chevron Chief Executive Officer John Watson is looking to increase oil and gas production with projects 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.
The latest find is expected “to help underpin” possible expansions at the Wheatstone gas hub,Jim Blackwell, president of Chevron Asia Pacific Exploration & Production, said in the statement.
Chevron fell 39 cents to $77.01 at 9:48 a.m. in New York Stock Exchange composite trading. Shell declined 0.7 percent to 1,766 pence in London.
Exxon Mobil Corp. is the largest U.S. oil company.

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