Chevron acquired blocks S12-2 and S12-3, two frontier reserve areas 275 miles in deep waters off South Australia state. The company will serve as the operator with a 100 percent interest.
"The Bight Basin is similar in size to the Gulf of Mexico and these two blocks contain significant exploration potential," Chevron Australia Managing Director Roy Krzywosinski said in a statement Tuesday.
The company provided no reserve estimate for the Bight Basin.
In early October, Chevron, which has headquarters in California, signed a 20-year deal to deliver liquefied natural gas from its Wheatstone project in Australia to Tohuko Electric Power Co. of Japan. The first gas from Wheatstone LNG is expected by 2016.
Chevron also holds a stake in the Australian Gorgon project, which it says it has a resource base of more than 40 trillion cubic feet of natural gas.
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