05/10/2017 - 14:51

Chevron, Woodside buy offshore blocks

05/10/2017 - 14:51

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Energy giants Chevron Australia and Woodside Petroleum have jointly acquired three exploration tenements offshore Western Australia from the government for an undisclosed sum.

Chevron, Woodside buy offshore blocks
Nigel Hearne says partnership is going to be crucial for ongoing investment in Western Australia’s resources sector. Photo: Attila Csaszar

Energy giants Chevron Australia and Woodside Petroleum have jointly acquired three exploration tenements offshore Western Australia from the government for an undisclosed sum.

Chevron will be the operator of blocks WA-528-P, WA-529-P and WA-530-P, which cover a combined 23,170 square kilometres offshore Dampier.

The two companies both hold LNG processing facilities in the state’s north-west, with Chevron owning the Gorgon and Wheatstone operations while Woodside has a stake in the North West Shelf venture, and also owns the neighbouring Pluto facility.

“Offshore WA is a global focus area for Chevron and these new exploration blocks add to our already significant gas position as the largest resource holder and liquefaction owner,” Chevron Australia managing director Nigel Hearne said.

“Partnership is going to be crucial for ongoing investment in Western Australia’s resources sector and to maximise the value of the available resources and infrastructure for the benefits of local jobs, companies and energy security.”

Woodside shares were 0.4 per cent lower to $28.57 each at the close of trade.

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