Chevron Announces Oil Discovery in Deepwater U.S. Gulf of Mexico
Moccasin prospect adds to Chevron′s portfolio in prolific Lower
Tertiary Trend
Chevron Corporation (NYSE: CVX) today announced a new oil discovery at
the Moccasin prospect in the deepwater U.S. Gulf of Mexico.
The Keathley Canyon Block 736 Well No. 1 encountered more than 380 feet
of net pay in the Lower Tertiary Wilcox Sands. The well is located
approximately 216 miles off the Louisiana coast in 6,759 feet of water
and was drilled to a depth of 31,545 feet.
'The Moccasin discovery underscores the importance of the deepwater Gulf
of Mexico as a source of domestic energy for the United States and as a
focus area for Chevron′s worldwide exploration portfolio,? said George
Kirkland, vice chairman, Chevron Corporation. 'Moccasin is an important
addition to our queue of high-quality opportunities around the globe.?
Chevron began drilling the Moccasin well in March 2010. That activity
was stopped in June 2010 when the U.S. government imposed a moratorium
on deepwater drilling in the Gulf of Mexico. Drilling resumed in March
2011 after the U.S. Bureau of Ocean Energy Management, Regulation and
Enforcement approved Chevron′s revised drilling permit application.
The well results are still being evaluated, and additional work will be
needed to determine the extent of the resource. Chevron, with a 43.75
percent working interest in the prospect, was the operator of the
Moccasin discovery well. Other Moccasin owners are BP, with 43.75
percent, and Samson Offshore Company, with 12.5 percent.
Chevron is one of the largest leaseholders in the Gulf of Mexico and is
currently developing the $7.5 billion Jack/St. Malo and the $4.1 billion
Big Foot projects.
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.
Some of the items discussed in this press release are 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.
Chevron Corporation
Russell Johnson, ?+1-713-372-1841
