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Chevron & Woodside Acquire New Exploration Acreage Offshore Western Australia

Source: 10/5/2017, Location: Not categorized

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Chevron Australia has announced that its affiliate has successfully acquired exploration interests in three offshore blocks located in the Northern Carnarvon Basin off the Western Australia coast.

Chevron Australia Managing Director Nigel Hearne said this new acreage strengthens Chevron’s position in Australia’s premier hydrocarbon basin where there is an established network of production infrastructure, including the Chevron-operated Gorgon and Wheatstone Projects.

'Offshore Western Australia is a global focus area for Chevron and these new exploration blocks add to our already significant gas position as the largest resource holder and liquefaction owner.

'Chevron Australia has discovered around 50 trillion cubic feet of gas resources, and through collaboration we hope to commercialise this gas through the timely and efficient use of existing equity or third-party infrastructure. This supports our position as a leading operator and long-term supplier of clean and reliable natural gas to customers in Western Australia and the region,' said Hearne.

Blocks WA-528-P, WA-529-P and WA-530-P cover 23,170 km2 and are located approx. 220 km northwest of Dampier off the coast of Western Australia. Through its affiliate, Chevron will be operator with a 50 percent interest and Woodside Energy will hold the remaining 50 percent interest.

Hearne added, 'Partnership is going to be crucial for ongoing investment in Western Australia’s resource sector and to maximise the value of the available resources and infrastructure for the benefits of local jobs, companies and energy security.'

Chevron is one of the world's leading integrated energy companies and through its Australian subsidiaries, has been present in Australia for more than 60 years. With the ingenuity and commitment of thousands of workers, Chevron Australia operates the Gorgon and Wheatstone LNG and domestic gas projects; manages its equal one-sixth interest in the North West Shelf Venture; operates Australia’s largest onshore oilfield on Barrow Island; and is a significant investor in exploration.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 

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