start of the shale boomSYDNEY--Chevron Corp. (CVX) said it will...

start of the shale boom

SYDNEY--Chevron Corp. (CVX) said it will buy Australian shale gas assets from Beach
Energy Ltd. (BPT.AU) for up to US$349 million, placing a bold bet on the potential to
replicate the U.S. boom in unconventional gas output in the Outback.
Chevron, the second-biggest U.S. oil company behind ExxonMobil Corp. (XOM), said it has
agreed to buy up to 60% of two blocks in central Australia's Cooper Basin covering
an estimated 810,000 acres.
In a separate statement, Beach said Chevron will make an upfront cash payment and agree
to fund its share of development costs to acquire 30% of the Australian company's
stakes in the two permits. Chevron has also agreed an option to lift its holding up to
60% at a later date, depending on exploration results.