media statement Chevron Announces Natural Gas Discovery Offshore Australia

Discovery expands natural gas resource potential in the Greater Gorgon Area

PERTH, Western Australia, 30 April, 2015 - Chevron Australia Pty Ltd announced today further drilling success in the Greater Gorgon Area located in the Carnarvon Basin, a premier hydrocarbon basin offshore northwest Australia.

The Isosceles-1 exploration discovery well encountered approximately 134 metres (440 feet) of net gas pay in the Triassic Mungaroo Sands in 968 metres of water (3,175 feet). The well fulfilled the second year work commitment in the exploration program. It is located in the WA-392-P permit area approximately 95 kilometres (60 miles) northwest of Barrow Island, off the coast of Western Australia.

“This discovery is a continuation of our exploration success and further positions our company as a key supplier for future liquefied natural gas (LNG) demand in the Asia-Pacific region,” said Melody Meyer, president, Chevron Asia Pacific Exploration and Production Company.

Roy Krzywosinski, managing director, Chevron Australia, said: “This discovery in the Greater Gorgon Area is an important addition to our portfolio and highlights the industry-leading results of our exploration program in Australia.”

Chevron Australia is the operator of WA-392-P with a 50 percent interest while Shell Australia and Mobil Australia Resources each hold a 25 percent interest.

Chevron is one of the world’s leading integrated energy companies and, through its Australian subsidiaries, has been present in Australia for more than 60 years. With the ingenuity and commitment of thousands of workers, Chevron Australia leads the development of the Gorgon and Wheatstone natural gas projects, manages its equal one-sixth interest in the North West Shelf Venture, operates Australia’s largest onshore oilfield on Barrow Island, and is a significant investor in exploration offshore Australia.

Cautionary Statement Relevant to Forward-Looking Information for the Purpose of “Safe Harbor” Provisions of the Private Securities Litigation Reform Act of 1995.
Some of the items discussed in this press release are forward-looking statements about Chevron's activities in Australia. Words or phrases such as “anticipates,” “expects,” “intends,” “plans,” “targets,” “forecasts,” “projects,” “believes,” “seeks,” “schedules,” “estimates,” “may,” “could,””budgets,” “outlook,” “on schedule,” “on track,”and similar expressions are intended to identify such forward-looking statements. The statements are based upon management's current expectations, estimates and projections; are not guarantees of future performance; and are subject to certain risks, uncertainties and other factors, some of which are beyond the company's control and are difficult to predict. Among the important factors that could cause actual results to differ materially from those in the forward-looking statements are changes in prices of, demand for and supply of crude oil and natural gas; actions of competitors; the inability or failure of the company’s joint-venture partners to fund their share of operations and development activities; the potential failure to achieve expected net production from existing and future crude oil and natural gas development projects; potential delays in the development, construction or start-up of planned projects; the potential disruption or interruption of the company’s net production or manufacturing facilities or delivery/transportation networks due to war, accidents, political events, civil unrest, severe weather, or other natural or human factors; government-mandated sales, divestitures, recapitalizations, industry-specific taxes and changes in fiscal terms or restrictions on scope of company operations; foreign currency movements compared with the U.S. dollar; and general economic and political conditions. The reader should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Unless legally required, Chevron undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.