Exploration acquisition adds to opportunities in Australia

Chevron Corporation (NYSE:CVX) announced on Tuesday, that its Australian subsidiary has acquired exploration interests in two offshore blocks located in the Bight Basin, a deepwater frontier basin.

Blocks S12-2 and S12-3 in the Bight Basin are similar in size to the Gulf of Mexico and contain significant exploration potential.

Blocks S12-2 and S12-3, which span more than 8 million acres (32,375 square kilometers), are located approximately 275 miles (443 kilometers) west of Port Lincoln off the South Australia coast. Chevron Australia is the operator with a 100 percent interest.

Melody Meyer, president of Chevron Asia Pacific Exploration and Production Company, said, "The acquisition of blocks S12-2 and S12-3 demonstrates Chevron's continued focus on pursuing high-impact exploration opportunities to expand its resource base and reinforces the importance of Australia to Chevron's global growth strategy."

Chevron Australia Managing Director Roy Krzywosinski added, "We are extremely pleased to be awarded the S12-2 and S12-3 offshore blocks located in the Bight Basin. The Bight Basin is similar in size to the Gulf of Mexico, and these two blocks contain significant exploration potential."