Chevron Corporation (NYSE: CVX) announced further drilling success by its Australian subsidiary in the Greater Gorgon Area, located in the Carnarvon Basin, a premier hydrocarbon basin.
The Satyr-2 exploration discovery well confirmed approximately 128 feet (39 meters) of net gas pay. The well is located in the WA-374-P permit area approximately 75 miles (120 kilometers) northwest of Barrow Island off the Western Australian coast. The well was drilled in 3,570 feet (1,088 meters) of water to a total depth of 12,454 feet (3,796 meters). Satyr-2 is Chevron's fifteenth discovery in Australia since mid-2009.
George Kirkland, vice chairman, Chevron Corporation, said, "This new discovery in the Greater Gorgon Area further highlights the quality of Chevron's exploration capability in the region and the significance of Australia to Chevron's energy portfolio."
Melody Meyer, president, Chevron Asia Pacific Exploration and Production Company, said, "The continued exploration success in the Carnarvon Basin could help underpin expansion opportunities at our LNG projects in Australia and support our drive to become a leading supplier of liquefied natural gas to world markets and domestic gas to Western Australia."
Chevron Australia is the operator of WA-374-P with a 50 percent interest while Shell and Exxon Mobil each hold 25 percent.
Offshore Australia natural gas discovery for Chevron