ChevronTexaco Announces Oil Discovery in Nigeria
SAN FRANCISCO, Aug. 19, 2002 -- ChevronTexaco Corp. today announced confirmation of its Nigeria deepwater block OPL 213 Aparo oil discovery following the completion of the Aparo-2 appraisal well. The successful well was drilled and operated by ChevronTexaco affiliate, Texaco Nigeria Outer Shelf Ltd. (TNOS), 100 percent contractor equity holder and operator, on behalf of the Nigerian National Petroleum Corp. (NNPC).
The Aparo-2 appraisal well was drilled in a water depth of 4,100 feet (1,245 meters) and is located approximately 3.5 miles (5.5 kilometers) north of TNOS' Aparo-1 oil discovery, made in 2001, and 1.2 kilometers south of the OML 118 Bonga SW-2 appraisal well, drilled in 2002.
Aparo-2 drilling operations commenced in May 2002 and the well was drilled to a total depth of 11,573 feet (3,527 meters) and encountered a substantial amount of net oil sand. Following a successful drill stem test, the well was suspended.
Success of the Aparo program indicates that the OPL 213 Aparo and OML 118 Bonga SW discoveries share a common structure and will likely become a joint oil development by the OPL 213 and OML 118 operators.
"Nigeria deepwater is an integral part of ChevronTexaco's growth strategy for West Africa and this confirmation of our discovery in OPL 213 further enhances our already very strong position there," said George Kirkland, president of ChevronTexaco Overseas Petroleum.
Adding his comments, Jay Pryor, TNOS and ChevronTexaco Mid-Africa strategic business unit managing director said, "The Aparo-2 results confirm the commercial viability of Block 213 and vindicate our earlier commitment to the area, which we demonstrated when we obtained the operatorship and 100 percent contractor equity with the strong support of NNPC in 1999. We will be working jointly with the OML 118 operator over the next few months to ascertain the optimum development of these resources."
In addition to OPL 213, the affiliate companies of ChevronTexaco Corp. in Nigeria hold significant deepwater contractor equity in the following concessions: OPL 214;OPL 216 (Technical Partner); OPL 217; OPL 218; OPL 222; OPL 250 (Operator); and OPL 318.
Cautionary statement relevant to forward-looking information for the purpose of "Safe Harbor" provisions of the private securities litigation reform act of 1995:
In this press release is a forward-looking statement about the company's growth strategy for Africa. This statement is based on management's current expectations, estimates and projections. The statement included in this release is not a guarantee. The actual strategy could differ materially from what is expressed or forecast in this forward-looking statement.
Updated: August 2002