Chevron Announces Natural Gas Discovery in Frontier Exmouth...

Chevron Announces Natural Gas Discovery in Frontier Exmouth Plateau Area Offshore Western Australia


Brederode-1 discovery continues recent exploration and drilling success

PERTH, Western Australia, August 13, 2010 Chevron Corp. (NYSE: CVX) today announced a natural gas discovery in the Exmouth Plateau area of the Carnarvon Basin offshore Western Australia. The discovery is located in Australias premier hydrocarbon basin, where Chevron is a leading lease holder.

The Brederode-1 exploration well is located within the WA-364-P permit area approximately 350 kilometres (217 miles) northwest of Onslow. Situated in 1,387 metres (4,550 ft) of water, the well was drilled to a depth of 2,750 metres (9,022 ft) and encountered approximately 15 metres (49 ft) of net gas pay.

George Kirkland, vice chairman, Chevron, said, "We are encouraged by the Brederode-1 exploration success, which is further evidence of the natural gas potential in the Exmouth Plateau area and the frontier opportunities offshore northwest Australia.

Jim Blackwell, president, Chevron Asia Pacific Exploration and Production Co., said the Brederode-1 discovery, which follows the 2009 Kentish Knock discovery in the same area, extends the gas resources farther offshore Australia and continues to grow our discovered gas portfolio in Australia.

This discovery expands the resource potential in the Carnarvon Basin frontier and demonstrates our long-term commitment to developing Australias world-class natural gas resources, said Blackwell.

Chevrons Australian subsidiary is the operator of WA-364-P with 50 percent interest. Shell Development (Australia) also holds 50 percent interest.

Chevron is one of the world's leading integrated energy companies and through its Australian subsidiaries, has been present in Australia for almost 60 years. With the ingenuity and commitment of more than 1,800 people, Chevron Australia leads the development of the Gorgon and Wheatstone natural gas projects; manages its equal one-sixth interest in the North West Shelf Venture; and operates Australias largest onshore oilfield on Barrow Island and the Thevenard Island oilfields. The company isalso a participant in the Browse liquefied natural gas development and is a significant investor in exploration offshore northwest Australia, one of Chevrons four global focus areas for exploration.

In addition, Chevrons Perth-based Global Technology Centre provides technology support and solutions to the companys operations in Australia and around the world.