Skip to main content
Publish date:

Chevron Finds Gas Off Australia

The discovery was made at the Clio-1 exploration well.
Author:

Chevron

(CVX) - Get Chevron Corporation Report

says it has made a significant natural gas discovery at the Clio-1 exploration well located 90 miles offshore northwestern Australia.

The Clio-1 well was completed in September and was drilled in water depths of about 3,000 feet with a total vertical depth of drilling to 15,500 feet. The well discovered 623 feet of net gas sands in the Mungaroo Formation, which places Clio as one of the top wells in Australia in terms of total net pay.

TheStreet Recommends

"Our two significant gas discoveries in Chandon and Clio this year demonstrate the benefits of Chevron focusing our exploration program in key basins such as northwestern Australia," John Watson, president of Chevron International Exploration and Production, said.

The company plans further work, including a 3D seismic survey starting in mid-December, to better determine the potential of the gas find.