ChevronTexaco has placed an order for a production and storage ship from Daewoo Shipping and Maritime Engineering for the Agbami development off Nigeria.

Agbami extends across Nigerian blocks 216 and 217 and lies in 1,500 m of water. The field will be brought onstream from subsea production facilities tied back to the new vessel. Contracts for the seabed installations will be awarded in the spring.

A unitisation agreement was signed earlier this month by the licensees and the Nigerian government, which recently approved the field development plan.

With recoverable reserves put at roughly 800 MMbbl of oil, Agambi is scheduled to come onstream in the 1Q 2008.

2/25/05