Register

Peak Oil is You


Donate Bitcoins ;-) or Paypal :-)


Page added on March 25, 2013

Bookmark and Share

Chevron Announces Oil Discovery in Deepwater U.S. Gulf of Mexico

Chevron Announces Oil Discovery in Deepwater U.S. Gulf of Mexico thumbnail

hevron Corporation (NYSE: CVX) has announced an oil discovery at the Coronado prospect in the deepwater U.S. Gulf of Mexico.

The Walker Ridge Block 98 Well No. 1 encountered more than 400 feet (122 m) of net pay. The well is located approximately 190 miles (308 km) off the Louisiana coast in 6,127 feet (1,868 m) of water and was drilled to a depth of 31,866 feet (9,713 m).

Chevron’s Coronado Discovery

“The Coronado discovery demonstrates how Chevron is achieving its strategy of superior exploration performance,” said George Kirkland, vice chairman, Chevron Corporation. “The discovery adds to our global portfolio of high-quality opportunities for future growth.”

“The Coronado discovery continues our string of exploration successes in the Lower Tertiary Trend, where Chevron is advancing multiple projects,” said Gary Luquette, president, Chevron North America Exploration and Production Company. “It also highlights the importance of the deepwater Gulf of Mexico as a source of domestic energy for the United States.”

Coronado prospect in prolific Lower Tertiary Trend.

The well results are still being evaluated, and additional work is needed to determine the extent of the resource. Chevron, with a 40 percent working interest in the prospect, is the operator of the Coronado discovery well. Other owners are ConocoPhillips (NYSE: COP) with 35 percent, a subsidiary of Anadarko Petroleum Corporation (NYSE: APC) with 15 percent and Venari Offshore LLC with 10 percent.

Chevron is one of the largest leaseholders in the Gulf of Mexico and is currently constructing the Jack/St. Malo and Big Foot projects, which are scheduled to begin production in 2014.The company is also conducting appraisal activities at its previously announced Buckskin and Moccasin discoveries, also in the Lower Tertiary Trend.

Chevron is one of the world’s leading integrated energy companies, with subsidiaries that conduct business worldwide. The company is involved in virtually every facet of the energy industry. Chevron explores for, produces and transports crude oil and natural gas; refines, markets and distributes transportation fuels and lubricants; manufactures and sells petrochemical products; generates power and produces geothermal energy; provides energy efficiency solutions; and develops the energy resources of the future, including biofuels. Chevron is based in San Ramon, Calif. More information about Chevron is available at www.chevron.com.

Chevron



12 Comments on "Chevron Announces Oil Discovery in Deepwater U.S. Gulf of Mexico"

  1. Beery on Mon, 25th Mar 2013 5:49 pm 

    With a name like ‘Coronado’ it’s probably vast… and huge… and enormous. At least a million barrels.

  2. KingM on Mon, 25th Mar 2013 7:44 pm 

    With a name like “Chevron” I doubt they’d trumpet a million barrels.

  3. rollin on Mon, 25th Mar 2013 8:27 pm 

    Better be careful, the crust is only 4 miles thick in places under the Gulf.

    The big question: Will this produce $2/gallon gasoline?

  4. MrEnergyCzar on Mon, 25th Mar 2013 10:16 pm 

    That will be some very expensive oil, makes the Tar Sands look cheap…

    MrEnergyCzar

  5. Billc on Tue, 26th Mar 2013 1:06 am 

    The news Friday indicated 400 million barrels. Lets see enough to last the world about 6 days at what price per barrle?

  6. BillT on Tue, 26th Mar 2013 1:49 am 

    Bet it never happens. Why? Hurricanes.

  7. Simon on Tue, 26th Mar 2013 3:17 am 

    Only 38,000 feet below the surface of the sea. Sounds pretty desperate.

  8. GregT on Tue, 26th Mar 2013 4:50 am 

    Desperate times……..call for desperate measures.

  9. keith on Tue, 26th Mar 2013 5:08 am 

    I think their looking to raise their stock price. Stock values for oil companies are based on their ultimate reserves, and not on last quarters profits. They need to raise capital.

  10. Ed on Tue, 26th Mar 2013 11:09 am 

    Oil found over 11km below the surface of the sea. Wow, things are getting really desperate. What’s the eroei on this oil?

  11. Sandy Reber on Tue, 26th Mar 2013 4:15 pm 

    When will Chevron Stock split

  12. Sandy Reber on Tue, 26th Mar 2013 4:15 pm 

    When will Chevron Stock split

Leave a Reply

Your email address will not be published. Required fields are marked *