Oil and gas giant Chevron Corp. has hit another pay dirt when its exploration well made another natural gas discovery in the Gorgon area off the coast of Western Australia.
In a statement, Chevron Corp. said its Pontus-1 exploration well encountered approximately 97 feet or 30 metres of net gas pay, an amount that could very well support potential long term plans for the Gorgon liquefied natural gas (LNG) project.
"The Pontus-1 discovery again highlights Chevron's exploration success as we continue building a significant natural gas position in Western Australia to supply Australia and the Asia-Pacific region," George Kirkland, vice chairman, Chevron Corporation, said.
The well, located in the Greater Gorgon Area gas fields, approximately 40 miles or 65 kilometres northwest of Barrow Island, was drilled in 690 feet or 210 metres of water to a total depth of 16,581 feet or 5,054 metres.
The discovery is Chevron Corp.'s 14th since 2009, Melody Meyer, president, Chevron Asia Pacific Exploration and Production Company, said.
Chevron Australia is the operator of the permit block, holding a 47.3 per cent interest. Exxon Mobil and Shell Development Australia both hold 25 per cent; Osaka Gas, 1.25 per cent; Tokyo Gas, 1 per cent; and, Chubu Electric Power, approximately 0.42 per cent.
The Gorgon LNG project is worth at an estimated $43 billion. It involves 11 gas fields and a 15 million tonne per annum LNG plant on Barrow Island. The project will last for at least 40 years, according to Chevron Corp.
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