Chevron Makes another Natural Gas Discovery at Greater Gorgon Offshore Australia

Chevron (CVX) announced today that the company has made another natural gas discovery at Greater Gorgon in the Carnarvon Basin offshore Western Australia.

Discovered on WA-268-P permit about 150 miles (250 kilometers) northwest of Onslow, the Yellowglen-1 discovery well resulted in a natural gas column measuring 450 feet (137 meters). Drilled to a total depth of 9,050 feet (2,760 meters), the discovery well

“The success of Yellowglen-1, following closely on our recent Satyr-1 and Achiles-1 discoveries in the same area, highlights Chevron’s exploration capabilities in the region and helps demonstrate the significance of Australia to Chevron’s energy portfolio,” said George Kirkland, vice chairman of Chevron.

Greater Gorgon is a prolific natural gas area offshore Western Australia in the Carnarvon Basin. With an expanded project scope approved by the Australian government in august 2009, Greater Gorgon is being developed through subsea facilities. A subsea pipeline will then connect the natural gas reserves to nearby Barrow Island where a gas processing facility will be built.

The Barrow Island liquefied natural gas (LNG) facility will consist of three 5 million tons per year LNG trains and a domestic gas plant and pipeline. The Greater Gorgon project also includes LNG shipping facilities to carry the product to international markets.

The Greater Gorgon area is expected to contain some 40 trillion cubic feet of natural gas. Currently, Chevron has supply agreements with Tokyo Gas, Osaka Gas, GS Caltex, Chubu Electric and Nippon Oil.

With an economic life estimated at 40 years from the time of start-up, Greater Gorgon is projected to provide some 10,000 direct and indirect jobs during peak construction.

According to the president of Chevron Asia Pacific Exploration and Production Co., Jim Blackwell, the company plans an extensive exploration, appraisal and seismic activities in Australia this year.

Chevron’s Australian subsidiary, Chevron Australia, holds 50 percent interest in WA-268-P and serves as the operator of the permit. Exxon Mobil and Shell both hold 25 percent interest in the project, as well.

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