Chevron marks more gas success in Australia

April 24, 2013 at 7:22 AM

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.

Like Us on Facebook for more stories from UPI.com  
Related UPI Stories
Topics: Asia Pacific
Latest Headlines
Top Stories
Compact cannon for British armored vehicles
Ford recalls 432,000 North American vehicles over software bug
Aetna to acquire Humana for $37 billion in cash, stocks
New Zealand military receives medium heavy military trucks
BBC to lay off 1,000 people to make up for $234M in lost revenue