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Table V Reserve Quantity Information – Continued
In 2012, net revisions increased reserves 1,855 BCF. A
net increase of 1,007 BCF in Asia was primarily due to devel-
opment drilling and additional compression in Bangladesh,
and drilling results and improved eld performance in
ailand. In Australia, updated reservoir data interpretation
based on additional drilling at the Gorgon Project drove
the 358 BCF increase. Drilling results from activities in the
Marcellus Shale were responsible for the majority of the 318
BCF increase in the United States.
Extensions and Discoveries In 2011, extensions and
discoveries increased reserves 4,680 BCF. In Australia, the
Wheatstone Project accounted for the 4,035 BCF in addi-
tions. In Africa, the start of a new natural gas development
project in Nigeria resulted in the 290 BCF increase. In the
United States, development drilling accounted for the major-
ity of the 287 BCF increase.
In 2012, extensions and discoveries increased reserves by
1,011 BCF. e increase of 747 BCF in Australia was primar-
ily related to positive drilling results at the Gorgon Project.
Purchases In 2011, purchases increased reserves
1,233 BCF. In the United States, acquisitions in the
Marcellus Shale increased reserves 1,230 BCF.
Sales In 2011, sales decreased reserves 174 BCF. In
Australia, the Wheatstone Project unitization and equity
sales agreements reduced reserves 77 BCF. In the United
States, sales in Alaska and other smaller elds reduced
reserves 95 BCF.
In 2012, sales decreased reserves by 538 BCF. Sales
of a portion of the company’s equity interest in the
Wheatstone Project were responsible for the 439 BCF
reserves reduction in Australia.
82 Chevron Corporation 2012 Annual Report