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Chevron expands into Cooper Basin

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ADELAIDE, Feb 25 AAP

February 25 2013, 2:11PM

Chevron Australia has taken a stake in two gas exploration sites in the Cooper Basin as it seeks to expand its gas portfolio.

The company has reached agreement with Beach Energy to acquire working interests in two onshore gas blocks, one in South Australia and one in Queensland.

It will take an initial 30 per cent interest in PEL 218 in SA and an 18 per cent stake in ATP 855 in Queensland.

"Chevron continually looks at opportunities to expand its resource base and add to its asset portfolio globally," Chevron Asia Pacific president Melody Meyer said in a statement on Monday.

"This opportunity potentially gives us additional high-quality resources with long-term growth potential which aligns with our business strategy."

Chevron said the latest deal provided it with an opportunity to explore a new and prospective basin to add to its natural gas reserves.