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Chevron Offshore Well Finds Natural Gas

Chevron Corp. said Wednesday that an offshore drilling operation close to Western Australia has encountered natural gas deposits.

NEW YORK (AP) -- Chevron Corp. said Wednesday that an offshore drilling operation close to Western Australia has encountered natural gas deposits.

The San Ramon, Calif., company said its Orthrus-2 well, located about 60 miles northwest of Barrow Island, hit gas a deposit after drilling down more than 14,000 feet. It's the company's tenth offshore discovery in Australia during the last 18 months.

A Chevron subsidiary is the operator of the well. Mobil Australia Resources Company, Shell Development and BP Exploration Alpha also hold stakes in the operation.

Chevron shares fell $1.61 to $96.13 in midday trading.

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