Chevron Announces Oil Discovery in Deepwater U.S. Gulf of Mexico
Chevron Corporation (NYSE: CVX) today announced a new deepwater oil discovery at the Buckskin prospect located in the deepwater U.S. Gulf of Mexico. The block is approximately 190 miles southeast of Houston, Texas, and 44 miles west of Chevron's 2004 Jack discovery, which is also in the Lower Tertiary. The Buckskin No. 1 discovery well encountered more than 300 feet of net pay. The well is located in approximately 6,920 feet of water and was drilled to a depth of 29,404 feet.
More tests are being conducted on data gathered from the discovery well, and additional work at the prospect, located in Keathley Canyon Block 872, will be needed to determine the extent and commercial viability of the discovery.
George Kirkland, Chevron executive vice president, Global Upstream and Gas, said, "This is a very significant discovery in the Lower Tertiary trend, where Chevron is the largest leaseholder. Continuing our success at the Jack well, Buckskin reinforces the trend's potential to provide the U.S. with important new energy supplies."
Repsol, with a 12.5 percent working interest in the prospect, was the operator of the Buckskin discovery well. Chevron, with a 55 percent working interest, will become operator and conduct all future work. Other Buckskin co-owners are Maersk Oil America, with 20 percent, and Samson Offshore Company, with a 12.5 percent working interest.
