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Royal Dutch Shell Plc .com: Chevron finds more gas off Australia’s north-west coast in Greater Gorgon area

From AFX Europe (Focus)
Published: Jul 13, 2006

SYDNEY (XFN-ASIA) – Chevron Corp said it has made a natural gas discovery within the western reaches of the Greater Gorgon development area off the north-west Australian coast.

It said the Chandon-1 well, 260 kms off north-western Australia in permit WA-268-P, made the discovery in a region which also hosts Australia’s largest developed liquefied natural gas (LNG) project, the North West Shelf Gas venture.

The well was drilled using the semi submersible Transocean “Jack Bates” drilling rig in water depths of 1,200 meters with total depth of drilling of 3,100 meters.

The discovery comes as Chevron and its partners, Exxon Mobil and Royal Dutch Shell group, are moving to develop the 11 bln aud Gorgon natural gas project.

Chevron has increased its exploration in the area as it moves to commercialize gas discoveries within the Greater Gorgon area.

Chevron International Exploration and Production president John Watson said the Chandon-1 discovery underscores the value of focusing Chevron’s exploration effort on high impact opportunities.

“Our continued exploration success in Australia, combined with our commitment to developing these resources, offers great prospects across gas markets in the Asia Pacific and North America regions,” Watson said.

Chevron said further evaluation of the Chandon-1 discovery is required to determine the potential of the new field.

A Chevron unit holds a 100 pct interest in permit WA-268-P but under a 2005 Greater Gorgon Framework Agreement, Exxon Mobil and Shell can farm-in to align equity in the Greater Gorgon Development Area.

Chevron has a 50 pct interest in the Gorgon project which will be developed as LNG project.

Exxon Mobil and Shell each hold 25 pct.

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