Chevron strikes oil in GoM deepwater Lower Tertiary trend

Chevron has made an oil discovery on the Buckskin prospect in the US Gulf of Mexico Keathley Canyon block 872. The well is 44 mi (71 km) west of the company's Jack discovery.

Offshore staff

SAN RAMON, California -- Chevron has made an oil discovery on the Buckskin prospect in the US Gulf of Mexico Keathley Canyon block 872. The well is 44 mi (71 km) west of the company's Jack discovery.

The Buckskin No. 1 discovery well, drilled in 6,920 ft (2,109 m) of water to 29,404 ft (8,962 m) deep, encountered more than 300 ft (91 m) of net pay.

More tests are being conducted on data gathered from the discovery well, and additional work on the field is needed to determine the extent and commercial viability of the discovery, says Chevron.

"This is a very significant discovery in the Lower Tertiary trend, where Chevron is the largest leaseholder," says George Kirkland, Chevron's executive VP, Global Upstream and Gas. "Continuing our success at the Jack well, Buckskin reinforces the trend's potential to provide the US with important new energy supplies."

Repsol, with a 12.5% working interest in the prospect, was the operator of the Buckskin discovery well. Chevron, with a 55% working interest, will become operator and conduct all future work. Other partners are Maersk Oil America (20%) and Samson Offshore Co. (12.5%)

2/5/2009

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