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Chevron Discovers Oil At Coronado Prospect In Deepwater U.S. Gulf Of Mexico

Integrated energy company Chevron Corp. (CVX: Quote) on Monday announced an oil discovery at the Coronado prospect in the deepwater U.S. Gulf of Mexico. The company noted that the Coronado prospect adds to its deepwater portfolio in the prolific Lower Tertiary Trend.

The San Ramon, California-based company noted that the Walker Ridge Block 98 Well No. 1 encountered more than 400 feet of net pay. The well is located about 190 miles off the Louisiana coast in 6,127 feet of water and was drilled to a depth of 31,866 feet.

However, Chevron added that the well results were still being evaluated, and additional work was needed to determine the extent of the resource.

Gary Luquette, President of Chevron North America Exploration and Production Co. said, "The Coronado discovery continues our string of exploration successes in the Lower Tertiary Trend, where Chevron is advancing multiple projects. It also highlights the importance of the deepwater Gulf of Mexico as a source of domestic energy for the United States."

Chevron, with a 40 percent working interest in the prospect, is the operator of the Coronado discovery well. Other owners of the Coronado prospect are ConocoPhillips (COP: Quote) with a 35 percent stake, a subsidiary of Anadarko Petroleum Corp. (APC: Quote) with a 15 percent stake, and Venari Offshore LLC with a 10 percent stake.

Chevron is one of the largest leaseholders in the Gulf of Mexico and is currently constructing the Jack/St. Malo and Big Foot projects that are scheduled to begin production in 2014. The company is also conducting appraisal activities at its previously announced Buckskin and Moccasin discoveries, also in the Lower Tertiary Trend.

In early March, Chevron reaffirmed its 2017 production target of 3.3 million barrels of oil-equivalent that was first announced three years ago.

In Monday's regular session, CVX is trading at $121.68, up $0.50 or 0.41 percent on a volume of 2,380 shares.

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by RTT Staff Writer

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