Chevron Corporation (NYSE: CVX) today announced that its Australian subsidiary has successfully bid for the rights to a deepwater exploration permit with gas potential offshore Western Australia. Chevron Australia Pty Ltd will be the operator and will hold a 50 percent interest, and Shell Development (Australia) Pty Ltd will hold the remaining 50 percent interest.
Permit area WO5-13 is located 100 miles (160 kilometers) northwest of the Western Australian coast in the Exmouth Plateau region. The plateau is the deepwater frontier of the Carnarvon Basin, Australia’s premier petroleum basin, which also includes the North West Shelf and the Greater Gorgon Area.