Texaco Announces Completion of Appraisal Drilling At Agbami Field in Nigeria.Business Editor WHITE PLAINS, N.Y.--(BUSINESS WIRE)--Aug. 9, 2001 Texaco today announced the completion of appraisal drilling at its deep water Agbami field, located offshore Nigeria. The successful four-well appraisal program confirmed that the Agbami structure has potential recoverable reserves of one billion barrels of oil equivalent. Commenting on the announcement, John O'Connor John O'Connor can refer to a number of people:
the project team, means we remain on track for first oil in mid-2005." The Agbami structure spans an area of 45,000 acres and extends from Block 216 into Block 217. The drilling program defined the productive limits of the field and established reservoir continuity. The results will help to form the basis of a development plan incorporating conceptual facilities design, reserves, production rates and well count, while experience gained drilling the appraisal wells will optimise well design for development drilling. The bid process for Agbami's major facility contracts is well underway. The tender process for sub-sea equipment, installation, and a Dry Tree Unit has begun and tenders for a 200,000 barrels per day Barrels per day (abbreviated BPD, bbl/d, bpd, bd or b/d) is a measurement used to describe the amount of crude oil (measured in barrels) produced or consumed by an entity in one day. floating production, storage and off-loading vessel are being evaluated. A final decision on project sanction is planned for first quarter 2002, subject to finalisation n. 1. same as finalization. Noun 1. finalisation - the act of finalizing finalization mop up, windup, completion, culmination, closing - a concluding action of all commercial arrangements. First oil from the field is planned for mid-2005, with peak production of 200,000 barrels of oil per day in 2007. In Block 216, Texaco through its wholly-owned affiliate, Star Deep Water Petroleum Limited, holds a participating contractor's interest of 80 percent. Other participants in the block include Petroleo Brasileiro Nigeria Limited, Nigerian National Petroleum Corporation The Nigerian National Petroleum Corporation (NNPC) , sometimes known as the Nigerian National Petroleum Company, is the state oil corporation through which the federal government of Nigeria regulates and participates in the country's petroleum industry. (NNPC NNPC Nigerian National Petroleum Corporation NNPC Nigerian National Petroleum Company ) and independent Nigerian oil company, Famfa. In Block 217, Texaco Nigeria Outer Shelf Ltd. holds a participating contractor's interest of 46 percent, with the balance held by Statoil (Nigeria) Limited (operator), and with NNPC as concessionnaire. NOTES TO EDITORS: This press release contains a number of forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. within the meaning of the 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. In particular, statements made concerning Texaco's expected reserves, performance and financial results in future periods are based upon Texaco's current expectations and beliefs and are subject to a number of known and unknown risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. The following factors known to Texaco, among others, could cause Texaco's actual results to differ materially from those described in the forward-looking statements: incorrect estimation of reserves and related assets; inaccurate scientific data; mechanical, chemical and technological failures; decreased demand for alternative fuels and other products; above or below-average product and technology demands; worldwide and industry economic conditions; higher costs, expenses and interest rates; the outcome of pending and future litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. and governmental proceedings; continued availability of financing; and strikes and other industrial disputes. In addition, you are encouraged to review Texaco's latest reports filed with the SEC, including, but not limited to, Texaco's Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. filed with the SEC on March 26, 2001, which describes a number of additional risks and uncertainties that could cause actual results to vary materially from those listed in the forward-looking statements made in this press release. The SEC permits oil and gas companies, in their filings with the SEC, 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. that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions. Texaco may use certain terms in this press release, such as estimated barrels and recoverable barrels of oil, that the SEC's guidelines guidelines, n.pl a set of standards, criteria, or specifications to be used or followed in the performance of certain tasks. strictly prohibit us from including in filings with the SEC. U.S. Investors are urged to consider closely the Supplemental Oil and Gas Information disclosure in our 2000 Annual Report on Form 10-K filed with the SEC on March 26, 2001, File No. 1-27, available from us at: Texaco Inc. 2000 Westchester Avenue White Plains NY 10650, Attention: Secretary You may also obtain this form from the SEC by calling 1-800-SEC-0330. |
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