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THREE MAJOR PRODUCTION PROJECTS TO BEGIN ON AUSTRALIA'S NORTH WEST SHELF

 SAN FRANCISCO, Oct. 4 /PRNewswire/ -- An international consortium of six companies, including Chevron (NYSE: CHV), has received approval from the government of Australia to develop two oil fields on Australia's North West Shelf. It also has committed to the construction of liquid petroleum gas (LPG) production facilities to extract, store and export LPG produced in association with crudeoil.
 The consortium's six member companies will share the combined capital cost of these three projects, which will exceed $900 million (U.S.).
 Chevron and its fellow participants in the consortium discovered the Wanaea and Cossack oil fields in 1989 and 1990, respectively. The two fields contain an estimated 200 million barrels of recoverable crude oil; the Wanaea field is also rich in natural gas which will yield a high proportion of LPG, including propane and butane.
 The Wanaea field will be developed using a floating production, storage and off-loading facility. Production from eight sub-sea wells will be sent to the "Cossack Pioneer," a 150,000 deadweight ton tanker being converted for this purpose.
 Natural gas produced in association with the crude oil in the Wanaea field will be piped to the North Rankin "A" platform about 20 miles (33 kilometers) to the west.
 The Cossack field, located in waters about 270 feet deep, will be tied into the "Cossack Pioneer" through three additional producing wells.
 Production is expected to begin in the fourth quarter of 1995, yielding a combined total of about 115,000 barrels of crude oil and 100 million cubic feet of natural gas perday.
 Capital investment in these two projects will be $700 million (U.S.).
 The consortium has also committed to construction of an LPG export facility with associated storage tanks and a loading jetty. The LPG project is also expected to come onstream in the fourth quarter of 1995, and represents a further investment of $215 million (U.S.).
 The six equal partners in the consortium are:
 Woodside Petroleum Ltd. (operator)
 Chevron Asiatic Limited
 BHP Petroleum (North West Shelf) Pty. Ltd.
 BP Developments Australia Ltd.
 Japan Australia LNG (MIMI) Pty. Ltd. and
 Shell Development (Australia) Pty. Limited.
 -0- 10/4/93
 /CONTACT: Jan Golon of Chevron, 212-303-3833/
 (CHV)


CO: Chevron ST: California IN: OIL CHM SU: JVN

LH -- SF007 -- 8425 10/04/93 14:23 EDT
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Publication:PR Newswire
Date:Oct 4, 1993
Words:379
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