• 2 minutes CV19: New York 21% infection rate + 40% Existing T-Cell immunity = 61% = Herd Immunity ?
  • 4 minutes Is The Three Gorges Dam on the Brink of Collapse?
  • 7 minutes Sources confirm Trump to sign two new Executive orders.
  • 5 hours COVID is real now
  • 16 hours Is the oil & gas industry on the way out?
  • 10 mins The Boris Yeltsin of America
  • 1 day In a Nutshell...
  • 1 hour Australian renewables zone attracts 27 GW of solar, wind, battery proposals
  • 8 hours Is Biden the poster child for White Privilege ? DNC needs to replace him now before it's too late.
  • 2 days Better Days Are (Not) Coming: Fed Officials Suggest U.S. Recovery May Be Stalling
  • 12 hours Why Oil could hit $100
  • 3 days Where is Alberta, Canada headed?
  • 4 days Putin Paid Militants to Kill US Troops
Jen Alic

Jen Alic

 

More Info

Premium Content

Chevron Hits Australian Shale Gas Market in $349m Farm-In

Chevron (NYSE: CVX) has descended on the Australian shale gas market with a $349 million farm-in for two shale prospects covering some 810,000 acres in central Australia’s Cooper Basin.

Chevron will initially acquire a 30% working interest in block PEL 218 in South Australia, and an 18% working interest in block ATP 855 in Queensland. The blocks are controlled by Australia’s Beach Energy.

The deal gives Chevron the option of later increasing its interest in PEL 218 to 60% and its interest in ATP 855 to 36%.

The Cooper Basin is expected to have as much as 85 trillion cubic feet of gas, but we’re still up to 18 months away from commercial viability determinations at Cooper Basin.

Related article: Surging Australian Gas Prices Turn Asian Consumers Towards Russia

Earlier this month, PetroChina and ConocoPhillips also announced a shale gas exploration deal in Western Australia.

Australia's current annual domestic gas usage stands at 1 trillion cubic feet of gas.

We are now seeing a new trend in Australia that has foreign investors moving away from the focus on the country’s large conventional gas reserves and increasingly towards the unconventional plays. 

In 2012, Australia started talking about its shale gas resources, billing them as lower in liquids due to geological advantages. However, extraction and export will require significant investment in infrastructure. Cooper Basin, however, is one area where infrastructure is already largely in place because it has also been a focus of conventional production since the 1960s.

By. Jen Alic of Oilprice.com


Download The Free Oilprice App Today

Back to homepage





Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News