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Project Insights

Chevron pulls out of Aussie shale exploration

Chevron has pulled out of Beach Energy’s unconventional gas acreage in central Australia, just two years after making a splash by joining the project.
By Sara Stefanini 27 March 2015 Asia Pacific / Exploration & Production 0 15669

Chevron has pulled out of Beach Energy’s unconventional gas acreage in central Australia, just two years after the United States major made a splash by joining the project in a $349 million deal.

Australian independent Beach Energy, which owns the majority stake in the acreage, announced on Friday that Chevron had chosen not to participate in the second stage of the Nappamerri Trough exploration programme in the Cooper Basin.

“Chevron informed us that extensive technical evaluation has confirmed a large gas resource and potential for further appraisal,”...