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.