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Petroleum industry

Chevron's Gas Discovery in Western Australia Boosts Region's Potential

Strategic Insights

— 1 min read

Chevron Corporation's recent discovery of a significant gas reserve offshore from Western Australia's north-west coast has heightened expectations for the region's gas production potential. Analysts believe the find, announced by Chevron on Monday, underscores the strengths of the Carnarvon Basin in producing gas. The well, spudded on July 23, encountered approximately 100 meters of net gas pay in five Triassic Mungaroo sands.

Key Takeaways:

  • Chevron's gas discovery offshore from Western Australia's Carnarvon Basin highlights the region's strong potential for gas production.
  • The discovery was made in five Triassic Mungaroo sands, with approximately 100 meters of net gas pay.
  • Hartleys analyst David Wall believes the find will have positive implications for the region's gas industry, citing increasing interest from gas companies.
  • Chevron's managing director, Roy Krzywosinski, welcomed the success of the Achilles-1 exploration well, stating it will provide additional natural gas to support major projects like Gorgon and Wheatstone.
  • Western Australia's north-west coast is experiencing significant growth in gas production, with Hess reportedly drilling three discoveries from four wells last year.
  • Chevron's Gorgon LNG development, valued at A$43 billion (US$39.37 billion), is estimated to have about 40 trillion cubic feet of gas.

Statistics:

  • 100 meters of net gas pay was discovered in the well.
  • Chevron's Gorgon LNG development is estimated to have 40 trillion cubic feet of gas.
  • The Carnarvon Basin, where the discovery was made, is gaining interest from gas companies.
  • Hess drilled three discoveries from four wells in the region last year.
  • The Gorgon LNG development is valued at A$43 billion (US$39.37 billion).
  • The Achilles-1 exploration well was drilled to a depth of 4,500 meters.

Sources:

  • "Asia Pulse - A new gas discovery by US oil major Chevron Corporation offshore from Western Australia shows the strong potential of the region, an analyst says."

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