Finance & Investing
News Services
Newsletters
Get free industry updates via email.
Daily News
Weekly News
Equipment Updates
Weekly Job Register
Monthly Event Guide
Our privacy
pledge.


advertisement

Chevron: Follow-Up Appraisal Well for Jack Later in 2008

change text size
HOUSTON, May 02, 2008 (Dow Jones Commodities News)

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.

Related Companies
For More Information on the Offshore Rig Fleet:
RigLogix can provide the information that you need about the offshore rig fleet, whether you need utilization and industry trends or detailed reports on future rig contracts. Subscribing to RigLogix will allow you to access dozens of prebuilt reports and build your own custom reports using hundreds of available data columns. For more information about a RigLogix subscription, visit www.riglogix.com.

Most Popular Articles
From the Career Center
Jobs that may interest you
Assistant Driller (cyber), Jackup
Expertise: Driller
Location: Mexico
 
Driller - 6th Generation Deepwater Rigs
Expertise: Driller
Location: West Africa
 
20/10 Experienced Solids Control Technicians
Expertise: Driller, Field Service Tech, Workover or Completion
Location: Wyoming and North Dakota
 
search for more jobs