press release

Texaco Press Release - Texaco Awarded Two Blocks in Gorgon Area, Offshore Northwest Australia


WHITE PLAINS, N.Y., June 16 - Texaco has been awarded two deepwater exploration blocks offshore Western Australia, it was announced today by Texaco Inc. Senior Vice President and President of Worldwide Exploration and Production C. Robert Black. The blocks are located in the Carnarvon Basin near Texaco's current licenses, including the major Gorgon, Chrysaor and Dionysus gas discoveries. They were awarded by the Commonwealth - Western Australian Offshore Petroleum Joint Authority following competitive bidding.

"These two highly prospective blocks have the potential to add significantly to our already substantial gas deposits in the Gorgon area, and provide further impetus for the rapid development of our assets to serve the growing Asian market for liquefied natural gas," said Black.

The exploration rights for Block W96-14 were awarded to the CTMS consortium that includes subsidiaries of Chevron, Texaco, Mobil and Shell, each with a 25 percent interest. The block, covering 1.35 million acres (5,469 square kilometres), is located 100 miles (160 kilometres) offshore and immediately west of the Gorgon/Chrysaor/Dionysus trend where gas reserves are currently estimated at approximately 15 trillion cubic feet.

The second block, W96-11, located to the immediate west of W96-14, was awarded to subsidiaries of Texaco and Mobil, with each company holding a 50-percent interest. It covers some 3.52 million acres (14,238 square kilometres).

Under the terms of the exploration permits granted for the acreage, seismic surveys on both blocks will be carried out before the end of 1997.

Updated: June 1997