Chevron's (NYSE:CVX) Australian subsidiary, Chevron Australia, has acquired exploration interests in Australia's deepwater Bight Basin. The two blocks of land, titled S12-2 and S12-3, span over eight million acres and are located 275 miles west of Port Lincoln. Under the terms of the new deal, Chevron Australia is now a 100 percent owner of interest in the land blocks.

According to Roy Krzywosinski, Chevron Australia's Managing Director, the Bight Basin is "similar in size to the Gulf of Mexico," and the newly acquired blocks "contain significant exploration potential" for crude oil and natural gas.

At the market's close on Oct. 23, Chevron's stock was trading at $120.13, 11% higher than its price per share at the start of 2013. The company has seen annual revenue drop 4% since 2011, to $241.9 billion.

Editor's note: A previous version of this article contained an incorrect revenue figure in the last sentence.