Chevron Announces Natural Gas Discovery Offshore Western Australia

Vos-1 discovery adds to drilling success and further underpins development of world-class LNG business

SAN RAMON, Calif. (BUSINESS WIRE) Dec. 15, 2011 - Chevron Corp. (NYSE:CVX) today announced a natural gas discovery by its Australian subsidiary in the Exmouth Plateau area of the Carnarvon Basin, offshore Western Australia.

The Vos-1 well encountered approximately 453 feet (138 meters) of net gas pay. Located in the WA-439-P permit area approximately 186 miles (300 kilometers) from Exmouth on the Western Australian coast, the well was drilled in 4869 feet (1484 meters) of water to a depth of 12,461 feet (3798 meters).

George Kirkland, vice chairman, Chevron Corporation, said, “The find at Vos-1 represents our twelfth offshore discovery in Australia since mid-2009. Our successful drilling program offshore Western Australia demonstrates Chevron’s global exploration capability.”

Melody Meyer, president, Chevron Asia Pacific Exploration and Production Company, said, “Our on-going exploration success continues to add to our Australian resource base, further underpinning our drive to be a leading supplier of liquefied natural gas to world markets and natural gas to Western Australia.”

Chevron’s Australian subsidiary is the operator of WA-439-P and holds a 50 percent interest, with Shell Development (Australia) Pty Ltd holding the remaining 50 percent.

Chevron is one of the world's leading integrated energy companies, with subsidiaries that conduct business worldwide. The company's success is driven by the ingenuity and commitment of its employees and their application of the most innovative technologies in the world. Chevron is involved in virtually every facet of the energy industry. The company explores for, produces and transports crude oil and natural gas; refines, markets and distributes transportation fuels and other energy products; manufactures and sells petrochemical products; generates power and produces geothermal energy; provides energy efficiency solutions; and develops the energy resources of the future, including biofuels. Chevron is based in San Ramon, Calif. More information about Chevron is available at http://www.chevron.com.

Chevron Corporation press release