Chevron Corp. (NYSE:CVX) today announced a further drilling success in the Carnarvon Basin offshore Western Australia, Australia's premier hydrocarbon basin.
Chevron Corp. (NYSE:CVX) today announced a further drilling success in
the
Carnarvon
Basin
offshore
Western Australia
,
Australia
's
premier hydrocarbon basin.
The Orthrus-2 well is located in the WA-24-R permit area approximately 60 miles
(100 kilometers) northwest of
Barrow
Island
. The
well was drilled to a total depth of 14,098 feet (4,297 meters).
Combining both appraisal and exploration objectives, the well encountered 243
feet (74 meters) of net gas pay, of which 102 feet (31 meters) of net gas pay
was encountered in a deeper, previously unexplored target interval in the
Orthrus field.
George Kirkland, vice chairman, Chevron, said, "The find at Orthrus-2
represents our tenth offshore discovery in
Australia
within the past 18 months. Our successful drilling program offshore
Western
Australia
demonstrates Chevron's global exploration
capability and our commitment to technical excellence and safe
operations."
Jim Blackwell, president, Chevron Asia Pacific Exploration and Production,
said, "Our leading
Carnarvon
Basin
leasehold and our accompanying exploration success help underpin further
expansion opportunities on the Gorgon Project."
Chevron's Australian subsidiary is the operator of WA-24-R and holds a 50
percent interest, while Mobil Australia Resources Company Pty Limited holds 25
percent. Shell Development (
Australia
) Pty
Ltd and BP Exploration Alpha Ltd each hold a 12.5 percent interest.
Chevron is one of the world's leading integrated energy companies, with
subsidiaries that conduct business worldwide. The company's success is driven
by the ingenuity and commitment of its employees and their application of the
most innovative technologies in the world. Chevron is involved in virtually
every facet of the energy industry. The company explores for, produces and
transports crude oil and natural gas; refines, markets and distributes
transportation fuels and other energy products; manufactures and sells
petrochemical products; generates power and produces geothermal energy;
provides energy efficiency solutions; and develops the energy resources of the
future, including biofuels. Chevron is based in
San
Ramon
,
Calif.
More information about
Chevron is available at
www.chevron.com.
Cautionary Statement Relevant to Forward-Looking Information for the Purpose of
"
Safe
Harbor
"
Provisions of the Private Securities Litigation Reform Act of 1995.
Some of the items discussed in this press release are forward-looking
statements about Chevron's activities in
Australia
. Words
such as "anticipates," "expects," "intends,"
"plans," "targets," "projects,"
"believes," "seeks," "schedules,"
"estimates," "budgets" and similar expressions are intended
to identify such forward-looking statements. The statements are based upon
management's current expectations, estimates and projections; are not
guarantees of future performance; and are subject to certain risks,
uncertainties and other factors, some of which are beyond the company's control
and are difficult to predict. Among the factors that could cause actual results
to differ materially are changes in prices of, demand for and supply of crude
oil and natural gas; actions of competitors; the inability or failure of the
company's joint-venture partners to fund their share of operations and
development activities; the potential failure to achieve expected net
production from existing and future crude oil and natural gas development
projects; potential delays in the development, construction or start-up of
planned projects; the potential disruption or interruption of production and
development activities due to war, accidents, political events, civil unrest,
or severe weather; government-mandated sales, divestitures, recapitalizations
and changes in fiscal terms or restrictions on scope of company operations; and
general economic and political conditions. You should not place undue reliance
on these forward-looking statements, which speak only as of the date of this
press release. Unless legally required, Chevron undertakes no obligation to
update publicly any forward-looking statements, whether as a result of new
information, future events or otherwise.
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