SAN RAMON, Calif., Feb 14, 2005 -- ChevronTexaco Corporation's (NYSE: CVX) affiliate in Trinidad and Tobago today confirmed that its offshore Manatee 1 exploration well in Block 6d has encountered significant amounts of natural gas. ChevronTexaco operates the well on behalf of its partnership with BG Group, and each holds a 50 percent interest in the block.
Manatee 1, drilled in 299 feet (91 meters) of water, is ChevronTexaco's first operated well in Trinidad and Tobago waters and lies on trend to the northwest of the company's Loran Field discoveries in Venezuela. The well encountered six gas sand intervals for a total gross thickness of 899 feet (274 meters) and is currently under test. The drilling of the well commenced Jan. 14, 2005, and reached its total measured depth ahead of schedule.
John Watson, president of ChevronTexaco Overseas Petroleum, said: "This discovery and its significance to Trinidad and Tobago is further evidence of how the country continues to maintain and expand its leadership position in delivering, and growing, its LNG business." Watson further commented that the promising results of this exploration well underscore the success of ChevronTexaco in focusing its exploration programs to grow an integrated global gas business.
Ali Moshiri, president of ChevronTexaco Latin America Upstream, said: "With our geologic model confirmed by the successful drilling of the Manatee 1 well, we are now positioned in both Trinidad and Tobago as well as Venezuela to take the Manatee and Loran cross-border resource to the next evaluation phase. This well should also greatly assist the two energy ministries as both countries continue pursuing unitization."
ChevronTexaco recently drilled three exploration wells (Loran 2X, 3X and 4X) across the border in Venezuela's Plataforma Deltana Block 2 on trend with the Manatee 1 well in Block 6d. The well appears to extend the six shallow gas sands already discovered in Venezuela's Loran Field to the northwest into Trinidad and Tobago sovereign territory.
ChevronTexaco Corp. is one of the world's leading energy companies. With more than 47,000 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 www.chevrontexaco.com.
Cautionary Statement Relevant to Forward-Looking Information for the Purpose of "Safe Harbor" Provisions of the Private Securities Litigation Reform Act of l995.
Some of the items discussed in this press release are forward-looking statements about ChevronTexaco's activities in Trinidad and Tobago and Venezuela and its significance to the company's global gas business. The statements are based upon management's current expectations, estimates and projections; are not guarantees of future performance; and are subject to certain risks, uncertainties and other factors, some of which are beyond the company's control and are difficult to predict. Among the factors that could cause actual results to differ materially are changes in demand for and prices of crude oil and natural gas, the results of additional drilling and testing, results of evaluation of development alternatives, local political events, and general economic conditions. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Unless legally required, ChevronTexaco undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE ChevronTexaco Corp.