Chevron Finds More Oil in Gulf of Mexico
Posted on: Sunday, 8 January 2006, 12:00 CST
By Bloomberg, AP and Staff Reports
Chevron Corp. said Wednesday it has discovered oil in a deepwater well in the Gulf of Mexico, the company's second such announcement in two weeks.
San Ramon, Calif.-based Chevron said in a statement that it found oil at 25,127 feet in about 5,000 feet of water at the Big Foot prospect in Walker Ridge Block 29, about 225 miles south of New Orleans. Further drilling will be needed to determine the commercial potential of the find, Chevron said.
Chevron and other energy companies are searching for deeper deposits of oil and natural gas as shallower offshore wells become depleted. On Dec. 20, Chevron said it discovered oil at 34,189 feet in the Knotty Head No. 1 well about 170 miles southeast of New Orleans, the deepest ever drilled in the Gulf.
"Big Foot follows our earlier success at the Knotty Head discovery and is confirmation of further potential of our exploration acreage," said Paul Siegele, vice president of Chevron's deepwater operations in the Gulf.
Chevron operates the Big Foot prospect and has a 60 percent stake in the project. Anadarko Petroleum Corp. has a 15 percent interest, and Plains Exploration & Production Co. and Royal Dutch Shell Plc each has a 12.5 percent stake.
Source: Tulsa World
Related Articles
- 70-foot Big Ben replica made from hay
- Crude oil gains 3.2 percent for week
- Deepwater Oil Fields a Final Frontier
- Chevron Announces 12.1 Percent Increase in Quarterly Dividend
- Oil Drops 2 Percent After Record High
- Oil Falls 1 Percent on U.S. Supply Reports
- Delo, Ursa and RPM Pass All Tests Required For API CJ-4; Chevron Oils Ready For Industry's Most Demanding Heavy-Duty Diesel Engine Oil Specification
- Oil Firms Gain Clout From Big Windfall
- Oil Prices Post Gains After Big Drop
- Stocks End Higher on Drop in Oil Prices
 |
 |
User Comments (0)
RSS Feeds