Chevron makes deepwater oil discovery in US Gulf

London (Platts)--4Jan2006

Chevron has made an oil discovery in the deepwater Gulf of Mexico at the
Big Foot Prospect in Walker Ridge Block 29, about 225 miles south of New
Orleans, the company said Wednesday.

     The Big Foot-2 well was drilled to a total depth of over 25,000 feet and
struck "300 feet or more of net oil pay," Chevron said in a statement.

     The company gave no estimate of the possible reserves discovered, and
said further appraisal drilling would be needed to determine Big Foot's
commercial potential.

     "This discovery should ultimately provide the country with much-needed
crude oil and natural gas," said Ray Wilcox, president of Chevron North
American Exploration and Production, in the statement.

     Chevron has a 60% working interest in Big Foot, with the remaining equity
shared by Anadarko (15%), Plains Exploration & Production (12.5%) and Royal
Dutch Shell (12.5%).

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