GoM deepwater drilling success continues

Chevron says it discovered oil at the Big Foot prospect located in Walker Ridge block 29, situated approximately 225 mi south of New Orleans in 5,000 ft of water.

Offshore staff

(US, GoM) - Chevron says it discovered oil at the Big Foot prospect in Walker Ridge block 29. The discovery is situated in 5,000 ft, approximately 225 mi south of New Orleans.

The Big Foot No. 2 discovery well was drilled to a total depth of 25,127 ft and encountered as much as 300 ft or more of net oil pay. The operator says appraisal drilling is already underway to determine the commercial potential of the discovery.

"Big Foot is our latest success in the deepwater GoM and reflects our efforts to increase energy supplies to the US market," said Ray Wilcox, president of Chevron North American Exploration and Production Company. "This discovery should ultimately provide the country with much needed crude oil and natural gas," he added.

Paul Siegele, vice president of Chevron's GoM Deepwater Business Unit said, "Big Foot follows our earlier success at the Knotty Head discovery and is confirmation of further potential of our exploration acreage. This discovery follows a string of GoM discoveries that is a result of executing our focused, high-impact exploration program."

Chevron owns a 60% working interest in Big Foot and serves as operator, Anadarko holds 15%, and Plains Exploration & Production Company and Shell each have a 12.5% interest.

1/5/06

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