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Chevron Australia reaffirms its long-term commitment to Australia

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LNG Industry,

Chevron Australia reaffirmed its long-term commitment to its Australian natural gas business, following a decision to discontinue the Great Australian Bight exploration program.

While the Great Australian Bight is one of Australia’s most prospective frontier hydrocarbon regions, in the current low oil price environment it was not able to compete for capital in Chevron’s global portfolio.

Chevron Australia Managing Director Nigel Hearne said, “We appreciate the strong support from governments, regulators and the local community for our plans to explore for hydrocarbons offshore South Australia. We are confident the Great Australian Bight can be developed safely and responsibly and we will work closely with the interested stakeholders to help realise its potential.”

This is a commercial decision and was not due to government policy, regulatory, community or environmental concerns.

Hearne added, “Offshore Western Australia is a global focus area for Chevron where we have access to vast natural gas resources and existing infrastructure.

“We have invested billions of dollars in Western Australia to commercialise our large gas resource base through the Chevron-operated Gorgon and Wheatstone LNG and domestic gas facilities and expect to be here for decades to come. Through greater collaboration with other producers in WA, Chevron is also pursuing opportunities to accelerate the commercialisation of our gas resource base through non-operated LNG facilities,” said Hearne.

Chevron Australia’s affiliate was recently awarded three new exploration blocks in the Northern Carnarvon Basin adding to its significant gas position as the largest resource holder and liquefaction owner.

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