Oil major, Chevron Corp. declared a natural-gas unearthing off the coast of Western Australia, which is said to be the latest in a string of gas discoveries by important firms in the area.

Ex-Chairman and Chief Executive, David O'Reilly had forecasted in October that Australia would push the Company’s revenue equal to its U.S. businesses, by 2020.

The firm said that the unearthing of the natural gas is in the Exmouth Plateau region of the Carnarvon Basin.

Chevron Vice Chairman George Kirkland said that the natural gas find is proof of the prospects in the region of Exmouth Plateau off the shore of Northwest Australia.

Last year, the corporation had made a finding in the same region.

Kirkland said, "We are encouraged by the exploration success, which is further evidence of the natural gas potential in the Exmouth Plateau area and the frontier opportunities offshore northwest Australia".

A net gas pay of around 15m was discovered in the exploration well that was bored 2750m deep. Shares of Chevron surged 41 cents at $77.54, in recent trading.

Last month, Chevron said that its projected Wheatstone liquefied natural gas plant's yearly production capacity would beat its Gorgon project.