ChevronTexaco Establishes Research Alliance in Australia

ChevronTexaco has established an agreement between The Western Australian Energy Research Alliance (WAERA) and ChevronTexaco Australia Pty Ltd to undertake petroleum industry research, technology development, and education and training projects. The work from the strategic alliance is expected to benefit ChevronTexaco's Australian and worldwide operations.

The alliance will provide for the development of multiple research projects with an investment target by ChevronTexaco of up to AUD $5 million per annum and will be known as the Western Australian Alliance for Advanced Energy Solutions.

ChevronTexaco Overseas Petroleum President John Watson said, "Australia is an important area for the company as it grows an integrated global gas business. This agreement underscores the company's long-term commitment to developing Australia's offshore oil and gas resources and to using research to enhance the safety and efficiency of our operations, remaining at the leading edge of technology.

"We foresee some of the alliance's mandate coming from ChevronTexaco affiliates outside Australia. We expect this will have a direct benefit and long-term impact on our worldwide operations," said Watson.

Commenting on the agreement Johnson said, "The alliance is expected to add value for ChevronTexaco and Australia by enhancing Australia's world-class energy industry research and development capabilities and is representative of the company's partnership approach to doing business." The alliance plans to coordinate research and development and leverage more effectively the capabilities of WAERA's three joint-venture research institutions: CSIRO (Commonwealth Scientific Industry and Research Organisation, Australia's federal government research and development agency), the University of Western Australia and Curtin University of Technology.

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Posted 08/04/05

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