Wednesday, July 7, 2010

Chevron (NYSE:CVX) New Gas Discovery in Clio Near Australia

Chevron Corp (NYSE:CVX) has announced it has discovered a new natural gas resource at its Clio development off the coast of Western Australia.

The new find is in the Carnarvon Basin, approximately 90 miles northwest of Onslow.

Chevron's new discovery is in 3,186 feet of water, with a pay zone of close to 260 feet, which refers to the amount that can be extracted at a profit.

Jim Blackwell, president of Chevron Asia Pacific Exploration and Production Co., said this about the new find, "Western Australia will play a key role in our long-term plans to build a leading natural gas business to supply energy safely and reliably to Australia and the Asia-Pacific,"

Chevron is also involved in developing the largest natural gas project in Australia called Gorgon.

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