Chevron Has Two More Natural-Gas Discoveries Offshore Australia

From Fox Business

Chevron Corp. (CVX) said its Australian unit made two more natural-gas discoveries in the Exmouth Plateau area of the Carnarvon Basin, a hydrocarbon basin offshore western Australia.

The oil and gas producer has now reported 19 discoveries in Australia since mid-2009.

Chevron said the Pinhoe-1 exploration discovery well encountered roughly 197 feet of net gas pay in the Barrow and Mungaroo Sands.

The Arnhem-1 exploration discovery well confirmed about 149 feet of net gas pay in the upper Mungaroo Sands.

“These discoveries in the Exmouth area are significant as they are located farther out from other discoveries in the greater Gorgon and Wheatstone development in the Carnarvon basin and indicates development potential in the broader region,” said Melody Meyer, president of Chevron Asia Pacific Exploration & Production Co.

Pinhoe-1 is located in the WA-383-P permit area while Arnhem-1 is in the WA-364-P permit area. Chevron Australia operates both of the permit areas and has a 50% interest with Royal Dutch Shell PLC’s (RDSA, RDSA.LN) Shell Development (Australia) Pty Ltd. holding the remaining 50%.

Last month, Chevron said its third-quarter earnings fell 33% as its oil and gas production was disrupted by maintenance, legal issues and storms. Revenue declined 9.9% due in part to a refinery fire in California, which caused a sharp drop in fuel sales.

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