The two petroleum giants will each hold a 50% interest in permit area WO5-13, with Chevron to act as operator.

WO5-13 is located 160km northwest off the WA 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.

“Our successful bid for this acreage reflects Chevron’s increasing investment in Australia’s hydrocarbon resources,” Chevron Australia managing director Jay Johnson said.

“Western Australia is a cornerstone of Chevron’s plans to build an internationally competitive gas business to supply energy to Australia and the Asia-Pacific region.”

The initial six-year work program for the 3600 square kilometre block includes geotechnical studies, in addition to 1500km of 2D seismic data acquisition and interpretation.

With seismic reprocessing to start immediately, the seismic survey is expected to be undertaken in 2007-08.

Including this acreage, Chevron now holds five large blocks in the Exmouth Plateau region.

“The permit adds to Chevron’s position as the leading holder of gas resources in Australia and demonstrates progress on our strategy to achieve superior exploratory success from a focused, high-impact exploration program,” Chevron International exploration and production president John Watson said.

Headquartered in Perth, Chevron Australia is 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 located off the northwest coast of Australia.