The company identified approximately 134m of net gas pay in the Isosceles-1 exploration discovery well in the Triassic Mungaroo Sands in 968m of water.

The well is located in the WA-392-P permit area approximately 95km northwest of Barrow Island, off the coast of Western Australia.

Chevron Asia Pacific Exploration and Production Company president Melody Meyer said: "This discovery is a continuation of our exploration success and further positions our company as a key supplier for future liquefied natural gas (LNG) demand in the Asia Pacific region.

Chevron Australia operates WA-392-P with 50% stake while other partners include Shell Australia and Mobil Australia Resources, each holding a 25% interest.

Currently, Chevron Australia leads the development of the Gorgon and Wheatstone natural gas projects as well as manages its interest in the North West Shelf Venture. It operates Australia’s largest onshore oilfield on Barrow Island.