This is news concerning ChevronTexaco but issued by a ChevronTexaco subsidiary, ChevronTexaco Upstream Europe, and archived here for record purpose.
ABERDEEN, UK, Feb. 10, 2003 -- ChevronTexaco Upstream Europe, as operator, today announced first oil from the Caledonia field, located in block 16/26, approximately 130 miles north east of Aberdeen. Production from the well is expected to average 10,000 barrels per day over the first year with peak production of approximately 13,000 barrels per day achieved soon after start up. Further development of the field will depend on the future performance of this well.
The field has been developed by means of a subsea template with a single production well tied back to the Britannia platform via a 3.5-mile (5.6-kilometre), 8-inch pipeline. Caledonia partners have invested £36.6 million in the project ($60.3 million U.S.).
The well was drilled in the summer of 2002 by the semi-submersible drilling rig, Stena Spey, with subsea facilities installed during the same period. Modifications were made to the Britannia platform to allow Caledonia oil to be processed and exported via the Forties Pipeline System. A strong focus on safety from all companies involved resulted in an excellent project safety record.
Chuck Taylor, UK general manager for ChevronTexaco said, "I am pleased that Caledonia, the first satellite field to be processed through the Britannia platform, has commenced production and extend my congratulations to all those involved in the project. Tying this well back to Britannia is an excellent example of utilisation of existing infrastructure."
Notes to Editors:
The Caledonia Partners are:
| Chevron U.K. Limited (a ChevronTexaco company) | 27.36 percent |
| Dana Petroleum (North Sea) Limited | 25.78 percent |
| Statoil (U.K.) Limited | 21.32 percent |
| Fina Petroleum Development Limited (a TotalFinaElf company) | 12.65 percent |
| Unilon Oil Explorations Limited (an Energy Africa company) | 8.55 percent |
| Enterprise Oil U.K. Limited (a Shell company) | 2.83 percent |
| Baytrust Oil Explorations Limited (an Energy Africa company) | 1.51 percent |
Cautionary Statement Relevant to Forward-Looking Information for the Purpose of "Safe Harbor" Provisions of the Private Securities Litigation Reform Act of 1995.
This news release contains forward-looking statements about the expected production from a well in the Caledonia field and the future development of this field. The statements are based on management's current expectations, estimates and projections; is not a guarantee of future performance; and is subject to certain risks, uncertainties and other factors, some of which are beyond our control and are difficult to predict. Among the factors that could cause actual results to differ materially are the actual production performance of the well and general economic conditions. You should not place undue reliance on this forward-looking statement, 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.