Chevron finds more gas offshore Australia

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SAN RAMON, Calif., Oct. 26 (UPI) -- A natural gas discovery confirms the "superior success" of the exploration campaign off the coast of Australia, a Chevron official said.

A Chevron subsidiary confirmed a natural gas discovery in the Greater Gorgon Area off northwestern Australia. The company said it uncovered about 220 feet of net natural gas in its Satyr-4 exploration well in 3,500 feet of water.

"This latest discovery is a further demonstration of how we are achieving superior success from a focused and high-impact exploration program in a key hydrocarbon basin," George Kirkland, vice chairman of Chevron Corp., said in a statement.

Chevron lauds the Gorgon project as a major find for the supermajor with a resource base of more than 40 trillion cubic feet of natural gas and an estimated lifespan of 40 years.

The company, which has headquarters in California, has a series of deals with Asian companies to ship liquefied natural gas from Australian reserves.

Chevron, in an early October interim earnings update, said it expected a substantial loss for the third quarter.