Chevron Corp. (CVX) unveiled a natural-gas discovery in the Gorgon area off the coast of Western Australia, which the company said will support long-term plans for its Gorgon liquefied-natural gas project.
Chevron Corp. (CVX) unveiled a natural-gas discovery in the Gorgon area
off the coast of
Western Australia
,
which the company said will support long-term plans for its Gorgon
liquefied-natural gas project.
Shares were down 1.9% at $107.16 in premarket trading.
The second biggest oil company in the
U.S.
behind Exxon Mobil Corp. (XOM), Chevron said an exploration well encountered
approximately 97 feet of net gas pay. The well, about 40 miles northwest of
Barrow
Island
, was
drilled in 690 feet of water to a total depth of 16,581 feet.
The company said it is its 14th discovery in the region since 2009.
Chevron has been investing heavily in Asia-Pacific--including the construction
of the Gorgon and Wheatstone projects to tap a projected surge in demand for
cleaner-burning fuels.
Chevron
Australia
is
the operator of the permit block and holds a 47.3% interest. Exxon Mobil Corp.
(XOM) and Royal Dutch Shell PLC's (RDSA, RDSA.LN) Shell Development Australia
each have 25% interests.
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