CACT Makes New Discovery Offshore China

Texaco and CACT partners announce a new oil field discovery in the Pearl River Mouth Basin of the South China Sea.

The discovery well, HZ19-2-1, completed in May 2001, is located in CACT's offshore Block 16/19. The well was drilled to a depth of 12,713 feet in 328 feet of water and encountered multiple oil zones. One zone was tested and yielded 46 degree API oil at a rate of 4,700 barrels per day. The well was drilled by Diamond Offshore's semisubmersible, Ocean Epoch.

"This discovery complements the discovery made last year in HZ19-3-1 well." said Samuel G. Snyder, President and Managing Director of Texaco China B.V., "Both of these wells encountered multiple pay zones and tested at high flow rates with good quality oil. The potential synergies of a joint development will make this field a profitable addition to CACT's production."

The commercial development of the two discoveries is being further evaluated with plans to drill an appraisal well as early as this month. CACT currently produces approximately 100,000 barrels of oil a day, making it one of China's major offshore petroleum contributors. The CACT Operators Group includes China National Offshore Oil Corporation (CNOOC), Agip China B.V., Chevron Overseas Petroleum Ltd., and Texaco China B.V.


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