SAN RAMON, Calif., April 24 (UPI) -- Exploration success offshore Australia has created a "robust gas portfolio" and paves the way for growth, Chevron Regional President Melody Meyer said.
Chevron, which has headquarters in California, announced that more than 130 feet of net gas pay was encountered while drilling in the Elfin-1 exploration well offshore Australia. It's the company's 21st such find since the 1990s.
"This remarkable series of exploration discoveries in the Carnarvon Basin has created a robust gas portfolio in Australia," Meyer said in a statement. "The growth of this portfolio positions the company to supply future liquefied natural gas demand in the Asia Pacific region."
Chevron last month announced the long-term sales and purchase agreement with Japanese utility Chubu Electric Power Co. for LNG from the Wheatstone project in Australia. First gas is expected by 2016 from Wheatstone LNG.
Japan relies on LNG for all of its natural gas demand. That demand has increased in response to the Fukushima meltdown in 2011.
Chevron said the Elfin discovery charts a course for future growth offshore Australia.