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December 09, 2004
ChevronTexaco Strikes with 2nd Plataforma Deltana Well

ChevronTexaco's affiliate in Venezuela confirmed that its offshore Plataforma Deltana Loran 3X exploration well in Block 2 has encountered significant amounts of natural gas.

Loran 3X is ChevronTexaco's second well in this block, southeast of the Loran 1X discovery drilled in 1982 by Petroleos de Venezuela, S.A. (PDVSA). The well extended the five shallow gas sands already discovered in Loran 1X and 2X to the southern portion of the field. In addition, a previously unproven, deeper exploratory sand also was targeted by this well and was gas-filled.

George Kirkland, president of ChevronTexaco Overseas Petroleum, said: "The successes of both the Loran 2X and now 3X further confirm our initial assessment of this test area in the Plataforma Deltana region as a potential source of new and significant natural gas reserves." Kirkland further noted that ChevronTexaco has long looked at the area as a key element of the company's strategy to grow an integrated global gas business.

The Loran 3X well encountered six gas sand intervals for a total gross thickness of 755 feet (230 meters). The well was tested at a rate in excess of 55 million standard cubic feet per day from two intervals. The new gas sand on its own tested at a rate of 35 million standard cubic feet per day. Both tests were equipment-restricted. The drilling of the well commenced Oct. 7, 2004, in 345 feet (105 meters) of water and reached its total measured depth of 9,976 feet ahead of schedule.

"With our primary exploration target being successful, we believe we understand the geologic framework, and after our final exploration well in December, we will be positioned to carry the project forward into the next evaluation phase," said Ali Moshiri, president of ChevronTexaco Latin America Upstream.

ChevronTexaco (60%) operates Block 2 in partnership with ConocoPhillips (40%). The Venezuelan Ministry of Energy and Mines recently awarded the company, along with PDVSA, the exploration license for Plataforma Deltana Block 3, which is on trend with Block 2.



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