2009-08-19-2007-03-01-2007-03-01

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Sellers
Buyers
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Description

Exploration rights

Chevron Australia Pty Ltd., a Perth, Australia-based subsidiary of Chevron Corp., San Ramon, Calif., (NYSE: CVX) has acquired exploration rights to acreage in the Greater Gorgon Area offshore northwestern Australia for an undisclosed price. The acquired rights are in the W06-12 permit area in the Carnarvon Basin, and cover an area of approximately 1,150 square miles (3,000 square kilometers). Chevron Australia will be the operator of the block and will hold a 50% interest and the Australian subsidiaries of ExxonMobil and Shell will each hold a 25% interest. "This award demonstrates progress on Chevron's strategy to achieve superior exploratory success from a focused, high-impact exploration program," said John Watson, president, Chevron International Exploration and Production. "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."