Texaco Announces Wildcat Gas Discovery Offshore Western Australia.HOUSTON--(BUSINESS WIRE)--Sept. 23, 1999-- Texaco (NYSE NYSE See: New York Stock Exchange :TX) has announced a significant natural gas discovery off the northwest coast of Western Australia Western Australia, state (1991 pop. 1,409,965), 975,920 sq mi (2,527,633 sq km), Australia, comprising the entire western part of the continent. It is bounded on the N, W, and S by the Indian Ocean. Perth is the capital. within Exploration Permit WA-267-P, operated by West Australian West Australian commonly refers to people or things from Western Australia. Specific things to which it may refer include:
WAPET West Australian Petroleum Pty Ltd ). The wildcat discovery well, Geryon No. 1, was spudded on August 31, in 1,232 meters of water, and reached a total depth of 3,515 meters 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". on September 14. Initial results indicate hydrocarbon gas pay in three high quality reservoir zones with a total net gas pay of 113 meters over a 242 meter gross interval. Geryon No. 1 is the first exploratory well in WA-267-P, an exploration permit awarded to the WAPET joint venture in mid-1997. The deepwater drilling rig Marine 500 will continue its exploration drilling program until November, and will return to Western Australia early in 2000 to continue drilling in WA-267-P to further explore the potential of this area. "The Geryon discovery enhances the world-class resource base of the nearby WAPET-operated Gorgon, West Tryal Rocks Tryal Rocks, sometimes spelled Trial Rocks or Tryall Rocks, formerly known as Ritchie's Reef or the Greyhound's Shoal, is a reef of rock located in the Indian Ocean off the northwest coast of Australia, about 16 kilometres (10 mi) northwest of the outer , Spar, Chrysaor and Dionysus gas fields," said Dr. Bruce S. Appelbaum, president of Texaco Exploration. "These five fields have estimated resources totaling more than 17.5 trillion cubic feet (tcf) of hydrocarbon gas, of which 5.6 tcf is Texaco's share. This discovery could further support our initiatives to commercialize the Gorgon area gas fields through LNG LNG (liquefied natural gas): see under natural gas. and domestic gas markets." Texaco leads a domestic gas marketing initiative, announced early this year, aimed at supplying high volume industrial gas users in Western Australia from the Gorgon and West Tryal Rocks fields. In that effort, Texaco serves as marketing agent on behalf of other Gorgon field participants, Chevron, Mobil and Shell. Texaco Australia Pty Ltd holds a 25 percent interest in WA-267-P and interests ranging from 28.6 per cent to 50 per cent in the other titles in the Gorgon area.. Texaco's co-venturers in WA-267-P are: Chevron Asiatic Limited (25%), Mobil Australia Resources Company Pty Ltd (25%), Shell Development (Australia) Proprietary Limited (12.5%) and BP Exploration (Alpha) Ltd (12.5%). WAPET is the operator for the joint venture. NOTE TO EDITORS: A map of the area is available upon request. |
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