HOUSTON (ICIS)--Australian energy ?xml:namespace>
The deal covers two onshore gas blocks. Chevron will acquire an initial 30% working interest in the Permian section in
Chevron could earn a 60% working interest in the
“Chevron continually looks at opportunities to expand its resource base and add to its asset portfolio globally,” said Melody Meyer, president, Chevron Asia Pacific Exploration and Production Company. “This opportunity potentially gives us additional high-quality resources with long-term growth potential which aligns with our business strategy.”
“This transaction vindicates in many ways the vision that the company has in relation to the potential of unconventional gas in the
Petrochemical companies are increasingly using shale gas as a cheap feedstock alternative for production, and thus many are on the lookout for opportunities to invest in the exploration and production of shale gas.
($1 = €0.76)