Chevron Australia has acquired exploration interests in three offshore blocks in the Northern Carnarvon Basin off the coast of Western Australia.
The newly acquired acreage comprises Blocks WA-528-P, WA-529-P and WA-530-P. The interests are expected to strengthen Chevron’s position in the Australia’s oil-rich basin, which also hosts Gorgon and Wheatstone Projects operated by the company.
Chevron Australia managing director Nigel Hearne said: “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.”
The three acquired blocks cover an area of 23,170km² and are located nearly 220km north-west of Dampier.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below formBy GlobalData
Through its affiliate, Chevron will operate the three blocks with 50% interest, while the remaining 50% stake will be owned by Woodside Energy.
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 has been present in Australia for the past six decades, where it operates Gorgon and Wheatstone LNG and domestic gas projects, as well as managing a one-sixth interest in the North West Shelf Venture.