Chevron Buys Shale In Australia

Purchase of shale gas assets in 810,000 acres in Australia.

Chevron Corp. agrees to buy Australian shale gas assets from Beach Energy for up to $349M, in a risky bet on the potential to replicate the U.S. shale boom in the Outback. CVX is acquiring stakes in an area covering 810K acres that is largely untested for shale gas but near pipelines connecting with several gas export facilities being built by rival energy companies on the eastern coast