First Oil from Clair Field, West of Shetland
ABERDEEN, Scotland, Feb. 24, 2005 -- ChevronTexaco Upstream Europe (CTUE) today welcomed Operator BP's announcement of first oil production from the Clair field, 47 miles west of Shetland.
ChevronTexaco holds a 19.4% interest in Clair, which is expected to build to peak production of some 60,000 barrels of oil and 15 million cubic feet of gas per day, from the first stage of the field's development.
Gary Luquette, President and Managing Director for CTUE, said: "We congratulate our partners for this significant achievement. This technological success in a complex heavy oil reservoir shows determination and pioneering spirit of all involved to deliver a project of importance to both to the industry and the U.K.
"Our partnership in the Clair field development highlights our commitment and focus on core high-impact opportunities both in the U.K. and throughout the world. Our recent awards in the 22nd UK Licensing Round and the Faroes 2nd Licence Round demonstrate ChevronTexaco's commitment to its goal of long-term growth and investment in the Atlantic Margin. "
Production from Clair will add to ChevronTexaco's existing equity production in Europe. The Clair development comprises a conventional platform with production and process topside facilities, supported by a fixed steel jacket. The development is the first steel based structure in the west of Shetland area.
Gary Luquette added: "We also applaud the strong focus on safety which has ensured that first oil has been delivered without incident."
The co-venturers in the Clair development are:
- Chevron UK 19.4%
- BP (operator) 28.6%
- Conoco 24.0%
- Enterprise Oil 18.7%
- Amerada Hess 9.3%
- Discovered in 1977 with the 206/8-1a exploration discovery well, Clair is located 47 miles west of Shetland in approximately 140 metres of water.
- Clair was considered the largest undeveloped resource on the UK Continental Shelf.
- The Clair field covers five licence blocks – 206/7a; 206/12; 206/8; 206/13a; and 206/9.
- Gary Luquette, President & Managing Director, CTUE was appointed Chair of Step Change in Safety for 2005.
CAUTIONARY STATEMENT RELEVANT TO FORWARD-LOOKING INFORMATION FOR THE PURPOSE OF "SAFE HARBOR" PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995.
This press release contains forward-looking statements about the Company's exploratory position on the United Kingdom Continental Shelf. The statements are based upon management's current expectations, estimates, and projections. They 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 exploratory program, 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 the 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 the volumes the company may "ultimately recover" or "is expected to recover" are used in this press release that may not be permitted to be included in documents filed with the SEC.
Updated: February 2005