ChevronTexaco Assumes Operatorship of Blind Faith Prospect

ChevronTexaco has reached an agreement to acquire additional working interest and assume operatorship of the Blind Faith discovery from BP Exploration & Production Inc. Under the terms of the agreement, ChevronTexaco will earn the right to operate Blind Faith with a 50 percent working interest and BP will own a 50 percent working interest. Blind Faith is located in Mississippi Canyon 696, approximately 162 miles southeast of New Orleans.

"Blind Faith is one of a series of recent exploration discoveries for ChevronTexaco in the deepwater Gulf of Mexico," said Ray Wilcox, vice president of ChevronTexaco and president of ChevronTexaco Exploration and Production. "These discoveries are aligned with our strategy to achieve superior exploration performance from a focused, high-impact exploration program. The acquisition of increased equity and operatorship at Blind Faith provides an opportunity to maximize and grow the value of our base business in the deepwater Gulf of Mexico." "ChevronTexaco's commitment to operational excellence can position this project to deliver world-class performance," said Kathleen Arthur, vice president of ChevronTexaco's Gulf of Mexico deepwater business unit. "We plan to use proprietary seismic techniques and deepwater project experience in combination with our joint-venture partner to deliver significant value."

The Blind Faith #1 discovery well was drilled in June 2001 in approximately 6,900 feet of water. The discovery well partnership consisted of BP with 77.5 percent working interest and ChevronTexaco with 22.5 percent working interest.

An additional appraisal well is planned by year's end.

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