Texaco Awarded Block V Offshore Bahrain

Texaco has been awarded Block V for the exploration and production of oil and gas in the Eastern Offshore Area of the State of Bahrain by the Bahrain Ministry of Oil.

Commenting on the announcement, Bill Maloney, Texaco's Vice President, New Ventures, said, "We have developed an excellent working relationship with the Ministry over the last few years and we look forward to building on this successful and mutually beneficial relationship in the future. We are delighted to have been awarded this Block which will add significant value to our current exploration portfolio."

Texaco, which is operator and has 100 percent ownership of the Block, plans to start drilling operations in 2002.

Bahrain produces around 40,000 barrels per day (bpd) from its own fields and receives 140,000 bpd from the Abu Safa offshore field which it shares with Saudi Arabia.