Chevron Announces First Oil from Tahiti Field in Gulf of Mexico.Gulf's Deepest Production Expected to Add 125,000 Barrels of Oil Per Day SAN RAMON San Ramon (Spanish for "Saint Raymond") may refer to one of the following places:
Chevron Corporation (NYSE: CVX) is one of the world's largest global energy companies. (NYSE NYSE See: New York Stock Exchange : CVX CVX ChevronTexaco (stock symbol) CVX Comunidad de Vida Cristiana (Christian Life Community) CVX Code Veronica X (game) CVX Critical Viscosity of Xenon CVX Carrier, Experimental ) has announced that it has started crude oil production from its Tahiti Field, the deepest producing field in the Gulf of Mexico Noun 1. Gulf of Mexico - an arm of the Atlantic to the south of the United States and to the east of Mexico Golfo de Mexico Atlantic, Atlantic Ocean - the 2nd largest ocean; separates North and South America on the west from Europe and Africa on the east . First oil from Tahiti was achieved on May 5, 2009. Daily production is expected to ramp up Ramp Up To increase a company's operations in anticipation of increased demand. Notes: A company might 'ramp up' operations if they just signed a contract creating substantially more demand for their product. See also: Demand, Economies of Scale to approximately 125,000 barrels of crude oil and 70 million cubic feet of natural gas before the end of the year. The Tahiti Field is one of the largest in the Gulf of Mexico. It was discovered in 2002 and is estimated to contain total recoverable resources of 400 to 500 million oil-equivalent barrels. The total cost for the first phase of the project is $2.7 billion and represents one of 40 projects in which Chevron's share of the investment is over $1 billion. "Tahiti is a significant addition to our growing reserves and production," said George Kirkland, executive vice president, Global Upstream and Gas. "It is another demonstration of our deepwater expertise, and our ability to execute an industry-leading queue of major capital projects." Tahiti is located at Green Canyon Blocks 596, 597, 640 and 641, approximately 190 miles (305 kilometers) south of New Orleans New Orleans (ôr`lēənz –lənz, ôrlēnz`), city (2006 pop. 187,525), coextensive with Orleans parish, SE La., between the Mississippi River and Lake Pontchartrain, 107 mi (172 km) by water from the river mouth; founded , and in approximately 4,100 feet (1,250 meters) of water. Primary pay sands are Lower to Middle Miocene from 23,000 to 28,000 feet and lie below a salt canopy ranging from 8,000 to 15,000 feet thick. The deepest producing well is more than 26,700 feet, a record for the Gulf of Mexico. Production is from two subsea Subsea is a general term frequently used to refer to equipment, technology, and methods employed to explore, drill, and develop oil and gas fields that exist below the ocean floors. This may be in "shallow" or "deepwater". drill centers tied backed to a floating production facility supported by a truss truss, in architecture and engineering, a supporting structure or framework composed of beams, girders, or rods commonly of steel or wood lying in a single plane. spar. Chevron holds a 58 percent working interest in Tahiti and is the operator, StatoilHydro holds a 25 percent working interest, and Total owns a 17 percent working interest. Chevron Corporation is one of the world's leading integrated energy companies, with subsidiaries that conduct business worldwide. The company's success is driven by the ingenuity and commitment of approximately 62,000 employees who operate across the energy spectrum. Chevron explores for, produces and transports crude oil and natural gas; refines, markets and distributes transportation fuels and other energy products; manufactures and sells petrochemical products; generates power and produces geothermal energy; provides energy efficiency solutions; and develops the energy resources of the future, including biofuels and other renewables. Chevron is based in San Ramon, Calif. More information about Chevron is available at www.chevron.com. Cautionary Statement Relevant to Forward-Looking Information for the Purpose of "Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. " Provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Some of the items discussed in this press release are forward-looking statements about Chevron's activities in United States. Words such as "anticipates," "expects," "intends," "plans," "targets," "projects," "believes," "seeks," "estimates," "budgets" and similar expressions are intended to identify such forward-looking statements. The statements are based upon management's current expectations, estimates and projections; are not guarantees of future performance; and are subject to certain risks, uncertainties and other factors, some of which are beyond the company's control and are difficult to predict. Among the factors that could cause actual results to differ materially are changes in prices of, demand for and supply of crude oil and natural gas; actions of competitors; the potential disruption or interruption of production and development activities due to war, accidents, political events, civil unrest, or severe weather; government-mandated sales, divestitures, recapitalizations and changes in fiscal terms or restrictions on scope of company operations; and general economic and political conditions. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Unless legally required, Chevron undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise. U.S. Securities and Exchange Commission (SEC) rules permit oil and gas companies to disclose only proved reserves proved reserves The quantity of minerals expected to be recoverable under current economic and operating conditions. The amount of proved reserves is important in valuing the stock of a company with significant holdings in natural resources. in their filings with the SEC. Certain terms, such as "resources," "oil in place," "recoverable resources," "oil-equivalent resources," "potentially recoverable volumes," "recoverable reserves," and "recoverable oil," among others, may be used in this press release or other public disclosures that are not permitted to be used in filings with the SEC. Photos/Multimedia Gallery Available: http://www.businesswire.com/cgi-bin/mmg.cgi?eid=5957662&lang=en |
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