Chevron Proceeds with New Deepwater Gulf of Mexico Project

Chevron says that it is proceeding with the development of the Blind Faith Field in the deepwater Gulf of Mexico. The field will be developed using a semisubmersible production facility, with first production expected during the first half of 2008. Chevron is the operator and holds a 62.5 percent working interest.

Blind Faith is located in approximately 7,000 feet of water, about 160 miles southeast of New Orleans, on Mississippi Canyon blocks 695 and 696. The discovery well was drilled in June 2001 and encountered more than 200 feet of net pay in Miocene sands at depths of 20,900 feet to 24,300 feet. A successful appraisal well was drilled in 2004. The field has an estimated gross resource potential exceeding 100 million barrels of oil-equivalent.

"The project demonstrates our strong commitment to continue to invest in the Gulf of Mexico to develop new energy supplies, as well as our ability to advance significant capital projects in areas where we are well positioned for future growth," said George Kirkland, Chevron Corporation's executive vice president, Upstream and Gas.

Added Ray Wilcox, Chevron's North America Exploration and Production Company president, "Blind Faith is part of our upstream strategy to grow profitability in our core areas and build new legacy positions. This project is a key asset in our deepwater portfolio and is expected to provide significant new oil and gas resources in the Gulf of Mexico."

Total capital costs for the project will be approximately $900 million. Chevron's partner in the Blind Faith project is Kerr-McGee Corp., which holds a 37.5 percent interest.

Initial production is expected to be approximately 30,000 barrels of oil per day (b/d) and 30 million cubic feet of gas per day (mmcf/d). The semisubmersible facility will have a production capacity of approximately 45,000 b/d and 45 mmcf/d. The topsides can be upgraded to a capacity of 60,000 b/d and 150 mmcf/d to accommodate production from satellite discoveries or third-party tiebacks.

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