Chevron Corporation is one of the world’s ’supermajor’ oil companies.  It is involved in every aspect of the oil and gas and employs approximately 67,000 people worldwide in 180 countries. In 2008, Chevron saw revenue of $273 billion and a total equity of $86.648 billion.

In September of this year, Chevron announced its role in what will be the largest natural gas project in the world.  The announcement centres on the Gorgon liquefied natural gas project in Australia. The Gorgon gas project is a proposed petroleum project in Western Australia, which involves the development of the Greater Gorgon gas fields, subsea gas-gathering infrastructure, and a liquefied natural gas (LNG) plant on Barrow Island.  Chevron approved the project, the biggest in the world, for the lower than estimated cost of $37 billion U.S. The commencement of the project will mean immediate revenues for contractors generating up to as many as 10,000 jobs in Western Australia at the peak of the construction phase. The gas fields, 200km from the coast, are predicted to contain 40 trillion cubic feet of natural gas and may have a lifespan of 60 years. The project is expected to produce significant quantities of the world’s LNG- up to 8 percent- when production begins in 2014. The greater Gorgon area is estimated to have the equivalent of 6.7 billion barrels of oil. To put the vast scale of the project in perspective, consider this: the resource contains enough equivalent energy to power a city of 1 million people for 800 years. The Gorgon Project will supply a demand for gas in the Asia Pacific region and will see China overtake Japan as the primary purchaser of LNG. Gorgon is also a breakthrough in terms of being the world’s biggest carbon sequestration project. Chevron will spend $2-billion to bury 40 per cent of Gorgon’s greenhouse gas emissions, or 3.4 million tonnes per annum, by injecting the gas into a reservoir 2 km (1.2 miles) below Barrow Island.

Chevron is a global leader in the integrated energy sector. The interests of the company range from chemical production and mining to energy research and nanoscience. Chevron explores for and produces and transports crude oil and natural gas; refines, markets and distributes transportation fuels and a variety of energy products; generates power and produces geothermal energy. Chevron is also a leader in the development of alternative energy resources and is involved with the production of biofuels, hydrogen and other renewables.

Chevron Announces Natural Gas Find in Australia
Discovery in Highly Prospective Gorgon Area Supports Company’s  Long-Term Plans for Natural Gas Development

SAN RAMON, Calif., October 18, 2009 – Chevron Corporation (NYSE: CVX) today announced an additional natural gas discovery in the Greater Gorgon area’s Carnarvon Basin, Australia’s premier offshore hydrocarbon zone.

The Achilles-1 exploration well, located approximately 100 miles (160 kilometers) off the coast of northwest Australia, was drilled to a total depth of 14,800 feet (4,500 meters) and encountered approximately 325 feet (100 meters) of net gas pay.

“This discovery is located in a highly prospective area where Chevron is the leading leaseholder, and it adds to our recent exploration successes,” said George Kirkland, Chevron’s executive vice president, Global Upstream and Gas. “The discovery will also build on the supply that underpins the projected 40-year life of the Gorgon Project.”

Jim Blackwell, president of Chevron Asia Pacific Exploration and Production, said that offshore northwest Australia remains one of the company’s focus areas for global exploration.

“As we expand our Australia natural gas business, additional discoveries in the most prospective areas in the region will be expected to be tied into facilities already under construction or being planned,” said Blackwell.

The Achilles-1 well is located in the WA-374-P permit area in the Greater Gorgon area. Chevron Australia is the operator of WA-374-P with 50 percent interest, while Shell Development (Australia) and ExxonMobil Australia each hold 25 percent. Chevron is currently spudding an additional exploration well (Satyr-1) in the permit area.

In August 2009, Chevron announced natural gas discoveries of 375 feet (115 meters) of net gas pay at the Clio-2 well and 110 feet (34 meters) of net gas pay at the Kentish Knock-1 well, located offshore Western Australia.

Chevron Corporation is one of the world’s leading integrated energy companies, with subsidiaries that conduct business worldwide. The company’s success is driven by the ingenuity and commitment of approximately 62,000 employees who operate across the energy spectrum. Chevron explores for, produces and transports crude oil and natural gas; refines, markets and distributes transportation fuels and other energy products; manufactures and sells petrochemical products; generates power and produces geothermal energy; provides energy efficiency solutions; and develops the energy resources of the future, including biofuels and other renewables. Chevron is based in San Ramon, Calif. More information about Chevron is available at www.chevron.com.