Chevron is one of the world's largest upstream and downstream oil and gas companies with operations across the globe. The company also has interests in rare earth minerals, coal, chemicals and power.
Chevron reports natural gas find in Western Australia
The Pontus-1 well, located in the WA-37-L permit area, hit about 97 feet of net gas pay. It was drilled to a depth of 16,581 feet.
"The discovery highlights Chevron’s exploration success as we continue building a significant natural gas position in Western Australia to supply Australia and the Asia-Pacific region," said vice chairman George Kirkland.
This is Chevron’s fourteenth discovery offshore north-western Australia since 2009, and will support the future expansion for the Gorgon project, it said.
The Gorgon project includes construction of a 15 million tonne per year liquefied natural gas plant on Barrow Island and a domestic gas plant with the capacity to pRovide 300 terajoules a day to supply gas to Western Australia.
Chevron Australia runs WA-37-L, and has a 47.3 per cent stake in the permit. Exxon Mobile (NYSE:XOM), and Shell Development both hold 25 per cent. Osaka Gas and Tokyo Gas each hold 1.25 per cent and 1 per cent, respectively. Electric Power has a 0.42 per cent stake.
Late last week, the oil and natural gas giant reported it purchased a stake in two blocks in the Kurdistan Region of Iraq.
These blocks rest north of Erbil, and encompass a combined area of about 490 square miles, or 1,124 kilometres.
Shares, in late morning trade, lost 1.80 per cent to $107.23 on the New York Stock Exchange as fresh concerns over Europe’s debt crisis were on traders' minds.