ChevronTexaco had a significant discovery at the Tahiti prospect in the Gulf of Mexico (GOM). The well was drilled on Green Canyon Block 640, 190 miles southwest of New Orleans, Louisiana, in 4,017 ft water depth.
Transocean Sedco Forex's Discoverer Deep Seasdrilled the Tahiti No. 1 well to a total depth of 28,411 ft on March 29. Results from the exploratory well show the presence of high-quality reservoir sand with total net pay of over 400 ft.
"We are very encouraged by the results of this well and the potential of our ongoing exploration efforts," said Kathleen Arthur, Vice President of ChevronTexaco's Gulf of Mexico deepwater business unit. Combining Chevron and Texaco's Gulf of Mexico holdings has created a very strong position for the combined company.
ChevronTexaco operates the Tahiti Prospect with 58% working interest. Partners are PanCanadian with 25% and Enterprise with 17%.
The find could be a boon to Royal Dutch/Shell, which announced on April 2 that it had made an offer to buy Enterprise Oil in a cash deal for $5 billion. Although Enterprise operates primarily in the North Sea, the company also has producing acreage in the GOM. US projects include the Llano Field, for which Enterprise is operator, where development has been put on hold. Enterprise also has working interest in the Boomvang Field, which is set to see first production in 2Q 2002.
