Chevron Announces Successful Results of Loran 2X Well

Source: www.gulfoilandgas.com 10/11/2004, Location: South America

ChevronTexaco's affiliate in Venezuela confirmed that its offshore Plataforma Deltana Loran 2X exploration well in Block 2 has encountered a significant amount of natural gas.

Loran 2X is ChevronTexaco's first well in Block 2, which is on a fault block adjacent to the original Loran 1X discovery well drilled in 1982 by Petroleos de Venezuela, S.A. (PDVSA).

George Kirkland, president of ChevronTexaco Overseas Petroleum, said, "The confirmation of the Loran field discovery could go a long way toward developing a commercially viable natural gas resource base in Venezuela, which would align with our strategy to grow an integrated global gas business. This success underscores our corporate exploration strategy of focusing on core, high-impact opportunities and builds on our other recent exploration successes in Australia, Nigeria and Angola."

The Loran 2X well encountered five gas sand intervals for a total gross thickness of 494 feet (149 meters). The well was tested at a rate in excess of 32 MMCFD from two sand intervals and both tests were equipment-restricted. The well commenced drilling on schedule August 11, 2004 in 360 feet (109 meters) of water and has reached its total depth as planned.

"We are optimistic with the results of the Loran 2X well," said Ali Moshiri, president of ChevronTexaco Latin America Upstream. "We have now completed testing of two major reservoirs in Block 2 and we plan to drill two more wells by the end of the year," Moshiri added.

ChevronTexaco (60%) operates Block 2 in partnership with ConocoPhillips (40%). The company, along with PDVSA, was recently awarded by the Venezuelan Ministry of Energy and Mines the exploration license for Plataforma Deltana Block 3, which is on trend with Block 2.

Currently celebrating its 125th anniversary, ChevronTexaco is one of the world's leading energy companies. With more than 50,000 employees, ChevronTexaco conducts business in approximately 180 countries around the world, producing and transporting crude oil and natural gas, and marketing and distributing fuels and other energy products. ChevronTexaco is based in San Ramon, Calif. More information on ChevronTexaco is available at chevrontexaco.com


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