Texaco Press Release - Texaco Awarded Offshore Block V in Bahrain
FOR RELEASE: THURSDAY, SEPTEMBER 27, 2001
LONDON, UK, September 27 - Texaco announced today that it has been awarded Block V for the exploration and production of oil and gas in the Eastern Offshore Area of the State of Bahrain by the Bahrain Ministry of Oil.
Commenting on the announcement, Bill Maloney, Texaco's Vice President, New Ventures, said, "We have developed an excellent working relationship with the Ministry over the last few years and we look forward to building on this successful and mutually beneficial relationship in the future. We are delighted to have been awarded this Block which will add significant value to our current exploration portfolio."
Texaco, which is operator and has 100 percent ownership of the Block, plans to start drilling operations in 2002.
Bahrain produces around 40,000 barrels per day (bpd) from its own fields and receives 140,000 bpd from the Abu Safa offshore field which it shares with Saudi Arabia.
This press release contains a number of forward-looking statements within the meaning of the safe harbor pro visions of the Private Securities Litigation Reform Act of 1995. In particular, statements made concerning Texaco's expected reserves, performance and financial results in future periods are based upon Texaco's current expectations and beliefs and are subject to a number of known and unknown risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements.
The following factors known to Texaco, among others, could cause Texaco's actual results to differ materially from those described in the forward-looking statements: incorrect estimation of reserves and related assets; inaccurate scientific data; mechanical, chemical and technological failures; decreased demand for alternative fuels and other products; above or below-average product and technology demands; worldwide and industry economic conditions; higher costs, expenses and interest rates; the outcome of pending and future litigation and governmental proceedings; continued availability of financing; and strikes and other industrial disputes. In addition, you are encouraged to review Texaco's latest reports filed with the SEC, including, but not limited to, Texaco's Annual Report on Form 10-K filed with the SEC on March 26, 2001, which describes a number of additional risks and uncertainties that could cause actual results to vary materially from those listed in the forward-looking statements made in this press release.
The SEC permits oil and gas companies, in their filings with the SEC, to disclose only proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions. Texaco may use certain terms in this press release, such as estimated barrels and recoverable barrels of oil, that the SEC's guidelines strictly prohibit us from including in filings with the SEC. U.S. Investors are urged to consider closely the Supplemental Oil and Gas Information disclosure in our 2000 Annual Report on Form 10-K filed with the SEC on March 26, 2001, File No. 1-27, available from us at:
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White Plains NY 10650,
You may also obtain this form from the SEC by calling 1-800-SEC-0330.
Updated: September 2001