Some ChevronTexaco Nigerian Production Still Shut-in

ChevronTexaco continues to keep approximately 140,000 barrels per day shut in due to local unrest in Nigeria. A company spokesperson said that production would not resume until security was assured.

"We are at the level of 350,000 to 360,000 bpd. 140,000 bpd has been shut in since March. This is still shut in as we speak," Sola Omole, spokesman for ChevronTexaco in Nigeria, told reporters. Omole did not give a timeframe for restarting production, saying that security needed to be assured before the company would restart halted operations. The company has been targeting the fourth quarter to restore full production at Escravos, which has been partially shut in since pre-election violence in March.

Longer term, ChevronTexaco said it hoped to double its Nigerian production capacity to one million bpd from 500,000 bpd now as new ventures such as the Agbami field come onstream. "Agbami is coming onstream towards the end of 2007 and by the end of 2008 achieving plateau of 250,000 bpd," said Jim Pearce, general manager deepwater for ChevronTexaco.