Chevron adds to deepwater GOM portfolio with Coronado oil discovery

Chevron Corp.

Adding to its deepwater portfolio in the Lower Tertiary Trend, Chevron Corp. (NYSE: CVX) has made an oil discovery at the Coronado prospect in the deepwater US Gulf of Mexico.

Chevron Corp. Lower Tertiary Trend, Gulf of Mexico

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

“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.”

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

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.

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