Bloomberg News

Chevron Has 12th Australian Natural-Gas Discovery Since 2009

December 16, 2011

(Adds Gorgon project in fourth paragraph.)

Dec. 15 (Bloomberg) -- Chevron Corp., the second-largest U.S. oil producer, reported its 12th natural-gas discovery off Australia since mid-2009 as the company advances with the A$29 billion ($29 billion) Wheatstone project.

Chevron’s Vos-1 well found 453 feet (138 meters) of gas in the Carnarvon Basin off Western Australia, the San Ramon, California-based company said today in a statement.

Royal Dutch Shell Plc, Europe’s largest oil company, holds 50 percent of the permit.

Chevron’s A$43 billion Gorgon LNG development and Wheatstone venture are among Australian projects aiming to tap increasing Asian demand for the fuel as countries reduce their reliance on coal to curb carbon emissions. Shell, Santos Ltd., ConocoPhillips and Inpex Corp. are among energy companies planning about A$200 billion of LNG projects in Australia.

Chevron decided earlier this year to go forward with Wheatstone, targeting first LNG shipments to Asia in 2016. The U.S. energy producer has called Gorgon and Wheatstone the “centerpieces” of its global expansion plans.

--Editors: Stephen Cunningham, Alistair Reed.

To contact the reporter on this story: James Paton in Sydney at jpaton4@bloomberg.net

To contact the editor responsible for this story: Amanda Jordan at ajordan11@bloomberg.net


American Apparel's Future
LIMITED-TIME OFFER SUBSCRIBE NOW

(enter your email)
(enter up to 5 email addresses, separated by commas)

Max 250 characters

 
blog comments powered by Disqus