Chevron: Follow-Up Appraisal Well for Jack Later in 2008
Chevron Corp. (CVX) said Friday it plans to drill another appraisal well at its Jack and St. Malo prospects in the deepwaters of Gulf of Mexico latter in 2008.
"One follow-up well for Jack and St. Malo is underway right now...and another a little bit later in the year," said Steve Crowe, Chevron's vice president and chief financial officer, who was addressing analysts during a conference call. "A decision will be made following those evaluations whether or not Jack and St. Malo will be kept as separate projects or conceivably combined."
Chevron, the second-largest U.S. oil company by market value, completed a successful well test last year in Jack, a 2004 discovery, making it the deepest successful well in the Gulf of Mexico. The oil giant said in July it would drill a second well early this year.
The company also said production at its Blind Faith project in the deepwaters of the Gulf of Mexico will be delayed until the second half of the year due to a problem with its mooring lines. The project, with an expected yield production capacity of 70,000 barrels a day, was expected to come on line in the second quarter.
Chevron now has about 30 projects of $1 billion or more under development. In 2008, Chevron expects major new production to come on line from the Gulf of Mexico, Nigeria and Kazakhstan.
Chevron reported Friday a 9.6% rise in first-quarter net income compared with the same period a year ago. The company's shares were recently up 0.45% at $95.37.
Copyright (c) 2008 Dow Jones & Company, Inc.
- ExxonMobil Racks Up Discoveries in Guyana Block Eyed by Chevron
- Oil Market Sentiment Has Improved Significantly
- EU, US Eye Collaboration on Nuclear Materials
- USA Driving Activity to Increase to All-Time Highs
- EU Electricity Export to Ukraine Up 94 Percent in Two Years
- China Coal Output Falls for First Time since Government Ordered More
- TC Energy to Sell Prince Rupert Gas Pipeline Project to First Nation
- BP Pulse Buys One of Europe's Largest Truck Stops
- UK CCUS Plans Outdated: Think Tank
- I Squared Eyes Full Ownership of Europe Gas Storage Firm
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Major Oilfield Discovery
- EIA Drops 2024 Henry Hub Gas Price Forecast
- EIA and Standard Chartered Offer Up Latest Oil Price Predictions
- Red Sea Region Sees Another Watershed Incident
- Chevron Oil Project in Kazakhstan to Cost $48.5B
- OPEC Voices Encouragement after IEA Affirms Support for Oil Security
- Biden Govt Bares Strategy for Freight Charging, Hydrogen Fueling Infra
- Ukraine Hits Third Russian Refinery In Escalating Drone Strikes
- Rystad Looks at the Buzz Around White Hydrogen
- VIDEO: Missile Attack Kills Crew Transiting Gulf of Aden
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Major Oilfield Discovery
- What Is the Biggest Risk to Offshore Oil and Gas Personnel in 2024?
- Is Peak Oil Demand Close?
- Vessel Sinks in Red Sea After Missile Strike
- JP Morgan, Standard Chartered Reveal Latest Oil Price Forecasts
- Exxon Rights in Stabroek Do Not Apply to Hess Merger with Chevron: Hess
- Rystad Forecasts Net Production of Top Permian Producers in 2024
- Analysts Reveal Latest Oil Price Outlook Following OPEC+ Cut Extension