ChevronTexaco & BG Find Gas Offshore Trinidad & Tobago

ChevronTexaco's affiliate in Trinidad and Tobago confirmed that its offshore Manatee 1 exploration well in Block 6d has encountered significant amounts of natural gas. ChevronTexaco operates the well on behalf of its partnership with BG Group, and each holds a 50 percent interest in the block.

Manatee 1, drilled in 299 feet (91 meters) of water, is ChevronTexaco's first operated well in Trinidad and Tobago waters and lies on trend to the northwest of the company's Loran Field discoveries in Venezuela. The well encountered six gas sand intervals for a total gross thickness of 899 feet (274 meters) and is currently under test. The drilling of the well commenced Jan. 14, 2005, and reached its total measured depth ahead of schedule.

John Watson, president of ChevronTexaco Overseas Petroleum, said: "This discovery and its significance to Trinidad and Tobago is further evidence of how the country continues to maintain and expand its leadership position in delivering, and growing, its LNG business." Watson further commented that the promising results of this exploration well underscore the success of ChevronTexaco in focusing its exploration programs to grow an integrated global gas business. Ali Moshiri, president of ChevronTexaco Latin America Upstream, said: "With our geologic model confirmed by the successful drilling of the Manatee 1 well, we are now positioned in both Trinidad and Tobago as well as Venezuela to take the Manatee and Loran cross-border resource to the next evaluation phase. This well should also greatly assist the two energy ministries as both countries continue pursuing unitization." ChevronTexaco recently drilled three exploration wells (Loran 2X, 3X and 4X) across the border in Venezuela's Plataforma Deltana Block 2 on trend with the Manatee 1 well in Block 6d. The well appears to extend the six shallow gas sands already discovered in Venezuela's Loran Field to the northwest into Trinidad and Tobago sovereign territory.