ChevronTexaco Gulf of Mexico aquisition
Posted: 30 October 2003
ChevronTexaco has reached an agreement to acquire additional working
interest and assume operatorship of the Blind Faith discovery from
BP Exploration & Production Inc. Under the terms of the agreement,
ChevronTexaco will earn the right to operate Blind Faith with a
50 percent working interest and BP will own a 50 percent working
interest. Blind Faith is located in Mississippi Canyon 696, approximately
162 miles southeast of New Orleans.
"Blind Faith is one of a series of recent exploration discoveries
for ChevronTexaco in the deepwater Gulf of Mexico," said Ray
Wilcox, vice president of ChevronTexaco and president of ChevronTexaco
Exploration and Production. "These discoveries are aligned
with our strategy to achieve superior exploration performance from
a focused, high-impact exploration program. The acquisition of increased
equity and operatorship at Blind Faith provides an opportunity to
maximize and grow the value of our base business in the deepwater
Gulf of Mexico."
ChevronTexaco's commitment to operational excellence can position
this project to deliver world-class performance," said Kathleen
Arthur, vice president of ChevronTexaco's Gulf of Mexico deepwater
business unit. "We plan to use proprietary seismic techniques
and deepwater project experience in combination with our joint-venture
partner to deliver significant value."
The Blind Faith #1 discovery well was drilled in June 2001 in approximately
6,900 feet of water. The discovery well partnership consisted of
BP with 77.5 percent working interest and ChevronTexaco with 22.5
percent working interest.
An additional appraisal well is planned by year's end.
For more information see http://www.chevrontexaco.com
Posted by Richard Price,
Editor Pipeline Magazine
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