SAN RAMON, California -- Chevron Corporation has announced a "significant" natural gas discovery at its Clio-1 exploration well, 90 miles offshore northwestern Australia. Chevron said it discovered 623 feet of net gas sands, which makes Clio one of Australia's top wells in total net pay.

The Clio-1 well was completed in September. It was drilled in water depths of approximately 3,000 feet with total vertical depth of drilling to 15,500 feet.

The announcement said Chevron would carry out a 3-D seismic survey program beginning in December and other work to better determine the find's potential. Two Chevron affiliates, Chevron Australia Pty Ltd. and Texaco Australia Pty Ltd., operate the well and hold 67 percent interest.

Shell Development Australia holds 33 percent interest. Based in San Ramon, Chevron and its subsidiaries have more than 55,000 employees and conduct business in 180 countries.

Source: East Bay Business Times