Chevron Announces Another Discovery in Deepwater Gulf of Mexico
Big Foot Continues Deepwater Gulf of Mexico Discoveries
SAN RAMON, Calif., Jan. 4, 2006 -- Chevron Corporation today announced another new deepwater oil discovery at the Big Foot Prospect located in Walker Ridge Block 29. The block is approximately 225 miles south of New Orleans.
Operated by a Chevron subsidiary, the Big Foot #2 discovery well is located in approximately 5,000 feet of water and was drilled to a total depth of 25,127 feet. The well encountered as much as 300 feet or more of net oil pay. Further appraisal drilling will be required to determine the commercial potential of the discovery. A sidetrack well has begun drilling.
"Big Foot is our latest success in the deepwater Gulf of Mexico and reflects our efforts to increase energy supplies to the U.S. market," said Ray Wilcox, president of Chevron North American Exploration and Production Company. "This discovery should ultimately provide the country with much needed crude oil and natural gas."
Paul Siegele, vice president of Chevron's Gulf of Mexico Deepwater Business Unit, said, "Big Foot follows our earlier success at the Knotty Head discovery and is confirmation of further potential of our exploration acreage. This discovery follows a string of Gulf of Mexico discoveries that is a result of executing our focused, high-impact exploration program."
Chevron owns a 60 percent working interest in Big Foot. Other owners are Anadarko Petroleum Corporation with 15 percent, Plains Exploration & Production Company with 12.5 percent, and Shell with 12.5 percent.
Chevron is the largest overall leaseholder in the Gulf of Mexico and one of the world's leading energy companies. With more than 53,000 employees, Chevron subsidiaries conduct business in approximately 180 countries around the world, producing and transporting crude oil and natural gas, and refining, marketing, and distributing fuels and other energy products. Chevron is based in San Ramon, Calif. More information on Chevron is available at www.chevron.com.
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Updated: January 2006