Chevron posts gas find in Australia

Jan. 20, 2012 at 7:45 AM
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SAN RAMON, Calif., Jan. 20 (UPI) -- Chevron chalked up another success for operations off the Australian coast with its 13th offshore natural gas discovery since 2009, an executive said.

Chevron announced it encountered 243 feet of net gas pay at its Satyr-3 well more than 100 miles off the coast of Western Australia in about 3,600 feet of water.

"Satyr-3 represents our 13th offshore discovery in Australia since mid-2009," George Kirkland, vice chairman of Chevron, said in a statement. "This recent discovery reinforces the quality and value of our Australian exploration lease holdings in the Carnarvon Basin."

Chevron has a 50 percent stake in the permit area, with Exxon Mobil and Royal Dutch Shell holding the remaining shares.

Chevron has agreements to deliver around 700,000 tons of liquefied natural gas per year from Australia to Japanese energy companies. Japan last year said it would take on more natural gas following a metldown at one of its nuclear reactors.

In September, the Australian government issued a positive environmental assessment for the Wheatstone natural gas project. That project consists of facilities that could produce nearly 9 million tons of liquefied natural gas per year for Chevron.

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