Chevron Corporation (NYSE: CVX) has announced an oil discovery at the
Coronado prospect in the deepwater U.S. Gulf of Mexico.
The Walker Ridge Block 98 Well No. 1 encountered more than 400 feet (122
m) of net pay. The well is located approximately 190 miles (308 km) off
the Louisiana coast in 6,127 feet (1,868 m) of water and was drilled to
a depth of 31,866 feet (9,713 m).
"The Coronado discovery demonstrates how Chevron is achieving its
strategy of superior exploration performance," said George Kirkland,
vice chairman, Chevron Corporation. "The discovery adds to our global
portfolio of high-quality opportunities for future growth."
"The Coronado discovery continues our string of exploration successes in
the Lower Tertiary Trend, where Chevron is advancing multiple projects,"
said Gary Luquette, president, Chevron North America Exploration and
Production Company. "It also highlights the importance of the deepwater
Gulf of Mexico as a source of domestic energy for the United States."
The well results are still being evaluated, and additional work is
needed to determine the extent of the resource. Chevron, with a 40
percent working interest in the prospect, is the operator of the
Coronado discovery well. Other owners are ConocoPhillips (NYSE: COP)
with 35 percent, a subsidiary of Anadarko Petroleum Corporation (NYSE:
APC) with 15 percent and Venari Offshore LLC with 10 percent.
Chevron is one of the largest leaseholders in the Gulf of Mexico and is
currently constructing the Jack/St. Malo and Big Foot projects, which
are scheduled to begin production in 2014. The company is also
conducting appraisal activities at its previously announced Buckskin and
Moccasin discoveries, also in the Lower Tertiary Trend.
Chevron is one of the world's leading integrated energy companies, with
subsidiaries that conduct business worldwide. The company is involved in
virtually every facet of the energy industry. Chevron explores for,
produces and transports crude oil and natural gas; refines, markets and
distributes transportation fuels and lubricants; manufactures and sells
petrochemical products; generates power and produces geothermal energy;
provides energy efficiency solutions; and develops the energy resources
of the future, including biofuels. Chevron is based in San Ramon, Calif.
More information about Chevron is available at www.chevron.com.
Cautionary Statement Relevant to Forward-Looking Information for the
Purpose of "Safe Harbor" Provisions of the Private Securities Litigation
Reform Act of 1995.
This news release contains forward-looking statements about Chevron's
activities in the U.S. Gulf of Mexico. Words such as "anticipates,"
"expects," "intends," "plans," "targets," "projects," "believes,"
"seeks," "schedules," "estimates," "budgets" and similar expressions are
intended to identify such forward-looking statements. The statements are
based upon management's current expectations, estimates and projections;
are not guarantees of future performance; and are subject to certain
risks, uncertainties and other factors, some of which are beyond the
company's control and are difficult to predict. Among the factors that
could cause actual results to differ materially are changes in prices
of, demand for and supply of crude oil and natural gas; actions of
competitors; the inability or failure of the company's joint-venture
partners to fund their share of operations and development activities;
the potential failure to achieve expected net production from existing
and future crude oil and natural gas development projects; potential
delays in the development, construction or start-up of planned projects;
the potential disruption or interruption of production and development
activities due to war, accidents, political events, civil unrest, or
severe weather; government-mandated sales, divestitures,
recapitalizations and changes in fiscal terms or restrictions on scope
of company operations; and general economic and political conditions.
You should not place undue reliance on these forward-looking statements,
which speak only as of the date of this press release. Unless legally
required, Chevron undertakes no obligation to update publicly any
forward-looking statements, whether as a result of new information,
future events or otherwise.
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Russell Johnson, +1 713-372-1841