SAN RAMON, Calif., Oct. 28 (UPI) -- Chevron said its early exploration of a shale reserve area in Canada exceeded expectations for natural gas production.
The company said it finished work at 12 exploration wells in the Duvernay shale reserve area in Alberta and initial production rates were as high as 7.5 million cubic feet of natural gas per day.
"Well performance and condensate yields exceeded our expectation and strengthen our plans going forward," Jeff Shellebarger, president of Chevron's North American exploration and production company, said in a statement Friday.
Chevron Vice President George Kirkland said the encouraging results from Duvernay created "a foundation for future growth in Canada."
With this year's acquisition of acreage owned by Alta Energy Luxembourg, Chevron, which has headquarters in California, owns approximately 325,000 acres in the Duvernay reserve area.
In June, the U.S. Energy Department's Energy Information Administration estimated Canada holds 573 trillion cubic feet of technically recoverable shale gas resources.