SAN RAMON, Calif., Oct. 11 /PRNewswire/ -- ChevronTexaco's affiliate in
Venezuela today confirmed that its offshore Plataforma Deltana Loran 2X
exploration well in Block 2 has encountered a significant amount of natural
gas.
Loran 2X is ChevronTexaco's first well in Block 2, which is on a fault
block adjacent to the original Loran 1X discovery well drilled in 1982 by
Petroleos de Venezuela, S.A. (PDVSA).
George Kirkland, president of ChevronTexaco Overseas Petroleum, said, "The
confirmation of the Loran field discovery could go a long way toward
developing a commercially viable natural gas resource base in Venezuela, which
would align with our strategy to grow an integrated global gas business. This
success underscores our corporate exploration strategy of focusing on core,
high-impact opportunities and builds on our other recent exploration successes
in Australia, Nigeria and Angola."
The Loran 2X well encountered five gas sand intervals for a total gross
thickness of 494 feet (149 meters). The well was tested at a rate in excess of
32 MMCFD from two sand intervals and both tests were equipment-restricted. The
well commenced drilling on schedule August 11, 2004 in 360 feet (109 meters)
of water and has reached its total depth as planned.
"We are optimistic with the results of the Loran 2X well," said Ali
Moshiri, president of ChevronTexaco Latin America Upstream. "We have now
completed testing of two major reservoirs in Block 2 and we plan to drill two
more wells by the end of the year," Moshiri added.
ChevronTexaco (60%) operates Block 2 in partnership with ConocoPhillips
(40%). The company, along with PDVSA, was recently awarded by the Venezuelan
Ministry of Energy and Mines the exploration license for Plataforma Deltana
Block 3, which is on trend with Block 2.
Currently celebrating its 125th anniversary, ChevronTexaco is one of the
world's leading energy companies. With more than 50,000 employees,
ChevronTexaco conducts business in approximately 180 countries around the
world, producing and transporting crude oil and natural gas, and marketing and
distributing fuels and other energy products. ChevronTexaco is based in San
Ramon, Calif. More information on ChevronTexaco is available at
http://www.chevrontexaco.com
Editor's Note: ChevronTexaco activities in Venezuela include exploration,
production, commercialization and marketing projects. Besides Plataforma
Deltana Blocks 2 and 3, ChevronTexaco operates the Boscan and LL652 fields in
Western Venezuela and holds a 30% share in the Hamaca Project, one of the four
heavy oil strategic associations in the prolific Orinoco Belt. It also has a
national network of 84 Texaco-branded service stations, commercializes
lubricants for vehicles and industrial clients and distributes jet fuel at the
Arturo Michelena International Airport in Valencia. Through Chevron Oronite
Latin America, the company holds a strategic alliance with Deltaven (a PDVSA
subsidiary) supplying 80% of requirements for lubricant additives to Deltaven.
ChevronTexaco headquarters for Latin America are located in Caracas and a high
percentage of its personnel in Venezuela are formed by Venezuelan citizens who
support the company operations all across the region.
Cautionary Statement Relevant to Forward-Looking Information for the
Purpose of "Safe Harbor" Provisions of the Private Securities Litigation
Reform Act of l995.
Some of the items discussed in this press release are forward-looking
statements about ChevronTexaco's plans for Plataforma Deltana Block 2. 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 demand for and prices
of crude oil and natural gas, the results of additional drilling and testing,
results of evaluation of development alternatives, local political events and
general economic 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, ChevronTexaco undertakes no obligation to
update publicly any forward-looking statements, whether as a result of new
information, future events or otherwise.
SOURCE ChevronTexaco
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Related links:
http://www.chevrontexaco.com
CONTACT:
Stan Luckoski (San Ramon): +1-925-842-2589,
or Monica Davila (Caracas): + 58 212 902 5488, both of
ChevronTexaco
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