ChevronTexaco test at Jansz gas field shows potential
Posted: 17 July 2003
ChevronTexaco Corp confirmed a production test in the Jansz gas
field, located approximately 125 miles (200 km) off the northwest
coast of Western Australia, has demonstrated the field's extensive
production potential.
The Jansz-3 well, tested on July 2 in the WA-18-R permit area,
flowed at a rate of more than 72 million cubic feet a day (MMCFD).
Appraisal drilling on the Jansz Field earlier this year, by joint
venture operator Mobil Exploration and Producing Australia Pty Ltd,
indicated a field size in excess of 760 square miles (2,000 square
km) with an interpreted 1,300 foot (400 meter) gross gas column.
Including an extension of the Io-Jansz structure into the adjacent
ChevronTexaco-operated WA-267-P block, it is estimated that the
field contains approximately 20 trillion cubic feet (tcf) of recoverable
natural gas.
"We are extremely pleased with the latest appraisal at the
Jansz Field," said George Kirkland, president ChevronTexaco
Overseas Petroleum.
"This assessment, demonstrating the field's capability to
produce at rates supporting world-scale development, underscores
ChevronTexaco's strategic intent to develop new natural gas growth
opportunities worldwide. Looking ahead, the potential for development
of the Io-Jansz structure and the Greater Gorgon Area offers great
prospects for Australia and for customers throughout the Asia-Pacific
Basin," Kirkland noted.
ChevronTexaco holds a 50 per cent interest in the WA-18-R permit
area, where the Jansz-3 well was drilled; ExxonMobil holds the remaining
50 percent equity interest.
ChevronTexaco also holds a 50 percent interest in the adjacent
WA-267-P block (where ExxonMobil holds 25 percent, Shell 12.5 percent
and BP 12.5 percent), which contains an extension of the Io-Jansz
structure. Combining its stake in Io-Jansz with additional interests
in the North West Shelf and Greater Gorgon ventures, ChevronTexaco
is the largest holder of uncommitted gas resources in Australia.
ChevronTexaco's share of total gas resources in the area is in
excess of 25 tcf representing a world-class resources base.
ChevronTexaco, operator of the Gorgon Joint Venture, is currently
seeking approval to develop a gas processing plant on Barrow Island,
located off the northwest coast of Western Australia, for the development
of Gorgon gas.
The planned US $7.2 billion (Aust $11 billion) initial development
for the Gorgon Field is a key to unlocking the vast resources in
the Greater Gorgon area.
Jansz
Named after Dutch East India Company sea captain Willem Janszoon
(Jansz), the first European to sight the Australian coast in 1606
— Janz is a single gas field contained within two permit areas,
WA-18-R and WA-267-P, and is situated in the Indian Ocean offshore
Barrow Island.
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 significance
of the results of testing of the Jansz gas field to the ChevronTexaco
and others.
The statements are based on 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 the results of the evaluation of the options for the field's
development, actual size of the Jansz gas field, 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.
U.S. Securities and Exchange Commission (SEC) rules permit oil
and gas companies to disclose only proved reserves in their filings
with the SEC. Certain terms, such as "recoverable natural gas,"
"resources" or "gas resources" are used in this
press release that are not permitted to be included in documents
filed with the SEC.
For more information see http://www.chevrontexaco.com/.
Posted by Richard Price,
Editor Pipeline Magazine
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