25 January 2011

Chevron announces find offshore Africa

From Chevron’s news release:

“SAN RAMON, Calif., Jan 25, 2011 -- Chevron Corporation (NYSE: CVX) today confirmed discoveries within the Moho-Bilondo license in the Republic of the Congo.

The Bilondo Marine 2 and 3 wells are located approximately 40 miles (70 kilometers) offshore of the Republic of the Congo, in 2,600 feet (800 meters) of water in the central part of the Moho-Bilondo license.

George Kirkland, vice chairman, Chevron Corporation, said, "These discoveries further demonstrate the potential of West Africa where Chevron has made significant investments to develop new energy resources."

Bilondo Marine 2 and 3 were drilled to a total depth of around 6,000 feet (1,800 m). The Bilondo Marine 2 (BILDM-2) well found 253 feet (77 m) of gross reservoir, while the Bilondo Marine 3 (BILDM-3) well, which had a different reservoir as objective, found 144 feet (44 m) of gross reservoir. Both wells were successfully tested and flowed oil.

"We look forward to continuing the work needed to further evaluate these discoveries and potential development options," said Ali Moshiri, president of Chevron Africa and Latin America Exploration and Production Company.

The discoveries follow two previous successful exploration wells, Moho Nord Marine-1 and 2, drilled in the permit area in 2007 and the positive appraisal wells Moho Nord Marine-3 in 2008 and Moho Nord Marine-4 in 2009.

The permit area's deep-water Moho-Bilondo project began production in April 2008 and is currently producing 90,000 barrels of crude oil a day. Chevron's subsidiary holds a 31.5 percent interest in the permit area with partners Société Nationale des Pétroles du Congo (15 percent) and Total E&P Congo (operator and 53.5 percent).


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