Under the deal, the company will be operator, while the Australian subsidiaries of ExxonMobil and Shell will each hold a 25% interest in the block.
“This award demonstrates progress on Chevron’s strategy to achieve superior exploratory success from a focused, high-impact exploration program,” Chevron International Exploration and Production president John Watson said.
“Australia continues to feature prominently in our plans to build an internationally competitive natural gas business to supply energy to both the country and other regions around the world.”
The W06-12 permit in the Carnarvon Basin covers an area of about 3000 square kilometres and lies about 100km northwest of the Australian coastline.
It is the country’s premier petroleum basin and includes both the North West Shelf and Greater Gorgon Area resources.
The three-year work program for the permit area includes geotechnical studies, about 180km of 2-D seismic reprocessing, 1700sq.km of 3-D seismic survey acquisition and the drilling of an exploration well.
Chevron said seismic work will begin this year and there is potential for a further three-year work program.
Headquartered in Perth, Chevron Australia is rapidly expanding its exploration around the country. It is currently operator and 50% joint venture participant in the Gorgon project, JV participant in the North West Shelf Venture, operator and JV participant in the Barrow Island and Thevenard Island oil fields, and operator of significant exploration acreage off the country’s northwest coast.
