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UPSTREAM
United States
West Cameron Block 21 A 2004 exploratory well discovered
two reservoir sands with combined net natural
gas pay exceeding 300 feet (91 m). Estimates exceed
23 billion cubic feet of natural gas and 264,000 barrels
of crude oil that are potentially recoverable.
ChevronTexaco operates and has a 38.5 percent interest
in the production from a well that came online in
February 2005. The initial recognition of proved developed
reserves occurred in 2004. Total 2005 daily production
is expected to average 26 million cubic feet of
natural gas and 500 barrels of crude oil (approximately
2,000 net barrels of oil-equivalent). Follow-up drilling
opportunities are dependent on the performance of this
first well.
West Cameron Block 54 The discovery well in this deep
natural gas prospect began production in 2003. Three
successful appraisal wells have been drilled since the
initial discovery in 2003; the third well encountered
140 feet (43 m) of natural gas in three zones. The first
zone was brought on production in April 2004, and the
remaining zones are planned to be completed sequentially
upon depletion of the initial zone. ChevronTexaco
has a 100 percent-owned and operated interest in the
property. Total 2004 production averaged 28 million
cubic feet of natural gas and 1,000 barrels of liquids per
day (approximately 5,000 net barrels of oil-equivalent).
Total 2005 production is expected to average 11 million
cubic feet of natural gas and 300 barrels of liquids per
day (approximately 2,000 net barrels of oil-equivalent).
South Timbalier Following up on prior-year successes
at the nearby CA-7 and CA-5 wells (ChevronTexaco
100 percent-operated interest), the company drilled the
CA-6 well in 2004 and encountered 56 feet (17 m) of
natural gas pay in an offsetting fault block. The well was
brought online in October 2004 and averaged total daily
production of 29 million cubic feet of natural gas and
4,000 barrels of crude oil (approximately 7,000 net barrels
of oil-equivalent) through the end of the year.
Deep Water
ChevronTexaco is one of the top producers in deepwater
Gulf of Mexico. During 2004, the company maintained
average daily net production of 37,000 barrels of crude
oil, 65 million cubic feet of natural gas and 2,000 barrels
of natural gas liquids.
Production
Genesis Total daily production during 2004 averaged
26,000 barrels of crude oil and 36 million cubic feet of
natural gas (approximately 16,000 barrels of net oilequivalent).
ChevronTexaco is the operator with a 56.7
percent interest. A new four-dimension (4-D) seismic
survey was acquired in 2003 and processed in 2004. A
satellite drilling program is scheduled to begin in 2005
and is expected to continue through 2007.
Petronius Total daily production in 2004 averaged
32,000 barrels of crude oil and 56 million cubic feet
of natural gas (approximately 18,000 barrels of net oilequivalent).
The company is the operator with a 50 percent
interest. Petronius was off production beginning
in September 2004 in order to make repairs that were
needed as a result of Hurricane Ivan. Production was
restarted in March 2005.
Typhoon Total daily production from 50 percent-owned
and operated Typhoon in 2004, along with volumes
processed from the 25 percent-owned and partneroperated
Boris Field, averaged 31,000 barrels of crude
oil and natural gas liquids and 47 million cubic feet
of natural gas (approximately 14,000 barrels of net
oil-equivalent). Significant development drilling and
exploratory programs are planned for Typhoon and the
near vicinity in 2005 and 2006.
Development
Perseus A discovery was made in 2003 at Viosca Knoll
Block 830 in 3,376 feet (1,029 m) of water, approximately
5 miles (8 km) from the existing Petronius
platform. The company is the operator and holds a
50 percent working interest. Development using
extended reach drilling was being employed when
Hurricane Ivan damaged the platform rig in September
2004. The first well was rescheduled for completion in
the second quarter 2005, to be followed by a second
well in the first quarter 2006. Average net production in
2005 from the first Perseus well through the Petronius
facilities is estimated at more than 4,000 net barrels of
oil-equivalent per day after startup. The initial booking
of proved undeveloped reserves occurred in 2003 and
a reclassification of a portion of these reserves into the
proved developed category is anticipated in 2005. The
remaining reserves will move into the proved developed
category over the life of the project. The Perseus project
has an estimated production life of six to nine years,
with maximum production anticipated in 2006.
Tahiti In 2002, the company made a discovery at the
Tahiti project, which is located in Green Canyon 640,
641, 596 and 597. The prospect is approximately 190
miles (306 km) south of New Orleans at a water depth
of 4,100 feet (1,250 m). ChevronTexaco is the operator
with a 58 percent working interest. In 2002, the
company formed a project team to begin evaluating
development alternatives and to prepare an overall
development plan. Two appraisal wells were drilled in
2003, and evaluation of reservoir data obtained from the
discovery and appraisal wells verified prior estimates
of 400 million to 500 million barrels of oil-equivalent
that are potentially recoverable. In late 2003, the project
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