Chevron Unveils Deepwater Discovery in US Gulf of Mexico

Chevron Unveils Deepwater Discovery in US Gulf of Mexico

Chevron Corp. unveiled a deepwater oil discovery in the U.S. Gulf of Mexico about 190 miles off the coast of Louisiana.

The oil major said the well, located in 6,127 feet of water, revealed more than 400 feet of net pay. Results from the well, which drilled to a depth of 31,866 feet, are still being looked at and more work remains to determine the full extent of the discovery.

Gary Luquette, president of Chevron's North America Exploration and Production arm, said the discovery in the Coronado prospect adds to its string of exploration successes in the area, where the oil giant is moving a number of projects ahead.

Chevron is in the midst of completing a number of expensive, large-scale projects meant to raise its worldwide production, including a massive natural-gas project in Australia and new oil wells in the ultradeep waters in the U.S. Gulf of Mexico. The company aims to boost its daily oil and natural-gas production to 3.3 million barrels in 2017 from the nearly 2.7 million barrels it averaged in the fourth quarter of 2012.

Chevron has a 40% working interest in the Coronado prospect and is the operator of the discovery well. Other owners include ConocoPhillips, with a 35% interest, Anadarko Petroleum Corp., with a 15% interest and Venari Offshore LLC with 10% interest.

Chevron shares were up 30 cents at $121.48 in recent premarket trading. The stock is up 12% this year.

Copyright (c) 2012 Dow Jones & Company, Inc.


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Gary | Apr. 1, 2013
I hear you, but Im not convinced yet that natural gas can be a practical fuel for small vehicles (cars, pickup trucks, SUVs) due to its low energy density, even in CNG form. And in distributed LNG form, not sure how practical that would be either - perhaps for larger vehicles (tractor-trailers, buses, etc.).

Jay | Mar. 30, 2013
cant agree with your sentiment in full..certainly gas is lower emission than coal, fuel, and the other refined products...but it may be replacing a problem with another..gas still pollutes and contributes heavily to ozone destruction and to have it as the only replacement to energy is quite frankly nonsense... Nuclear Energy is extremely safe and a very low pollutant to these issues around global warming. Certainly there can be issues with radiation IF a problem occurs BUT very few people have died from direct exposure to Nuclear Power plant accidents, especially when you compare that to the health issues from fossil fuels, those numbers are very scary yet somehow anti nuclear protesters conveniently forget that! Green energy is far more expensive than nuclear and is not a solution for our future, but certainly hopefully an alternate for some. You are quite wrong in your assertions here and perhaps wprth your while reading up a little more on nuclear energy as it is the safest, cleanest long term energy source available now.. Since Fukishima there have been further safety requirements imposed and these can only make the systems even more infallible. Youll always have natural disasters but thats life.

Justin | Mar. 30, 2013
What we flare off in North Dakota in a week while drilling could heat a house for a year. Its insane! I was only on one rig that plumbed into a neighboring well to go half diesel half gas and it saved about $2000 a day.

Charles | Mar. 29, 2013
Well said Ron - totally agree with your comments!!!!!!

Ron Wagner | Mar. 25, 2013
What good will it due the end consumer in America? Probably not much. That is why I favor replacing diesel and gasoline with cheaper natural gas that does not require a lot of refining, and does not allow for chokepoints in distribution, or various grades of fuel needed. Natural gas is the future of energy. It is replacing dirty old coal plants, and dangerous expensive nuclear plants. It will fuel cars, trucks, vans, buses, locomotives, aircraft, ships, tractors, engines of all kinds. It costs far less. It will help keep us out of more useless wars, where we shed our blood and money. It is used to make many products. It will bring jobs and boost our economy. It lowers CO2 emissions, and pollution.

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