Chevron Announces the Successful Appraisal of the Anchor Discovery in the Deepwater Gulf of Mexico
SAN RAMON, Calif., Oct. 29, 2015 – Chevron Corporation (NYSE: CVX) today announced the successful appraisal of the Anchor discovery in the Lower Tertiary Wilcox Trend.
“The positive results of our appraisal work at Anchor indicate a significant discovery of potentially hub class scale.” said Jay Johnson, executive vice president Upstream, Chevron Corporation.
The original Anchor discovery well, located in Green Canyon Block 807, approximately 140 miles (225 km) off the coast of Louisiana in 5,180 feet of water (1,579 m), was drilled in late 2014 to a depth of 33,750 feet (10,287 m) and it encountered 690 feet (210 m) of net oil pay.
Appraisal drilling began in June 2015 and recently found 694 feet (211 m) of net oil pay. To date, Chevron has confirmed a hydrocarbon column of at least 1,800 feet (549 m) in the Lower Tertiary Wilcox reservoirs at Anchor. Complete appraisal of the field will require further delineation wells and technical studies.
“After the success of the discovery well announced earlier this year, we have pursued appraisal work to further evaluate the results and assess development alternatives to optimize value creation,” Jeff Shellebarger, President, Chevron North America Exploration and Production Company added.
Chevron subsidiary Chevron U.S.A. Inc. is the operator of the Anchor Prospect, with a 55 percent working interest. Anchor co-owners are Cobalt International Energy, L.P. (20 percent), Samson Offshore Anchor, LLC (12.5 percent), and Venari Resources LLC (12.5 percent).
Chevron Corporation is one of the world’s leading integrated energy companies. Through its 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; 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. Words such as "anticipates," "expects," "intends," "plans," "targets," "forecasts," “indicates,” "projects," "believes," "seeks," “schedules,” “estimates,” "schedules," "estimates," "may," "could," “should,” "budgets," "outlook" 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 important factors that could cause actual results to differ materially from those in the forward-looking statements are changes in prices of, demand for and supply of crude oil and natural gas; the company’s ability to realize anticipated cost savings and expenditure reductions; 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 the company's business, net production or manufacturing facilities or delivery/transportation networks due to war, accidents, political events, civil unrest, severe weather, cyber threats and terrorist acts; government-mandated sales, divestitures, recapitalizations and changes in fiscal terms or restrictions on scope of company operations; foreign currency movements compared with the U.S. dollar; and general economic and political conditions. The reader 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.
Updated: October 2015