JEDDAH, 8 September 2006 — Chevron Corporation (NYSE — CVX), one of the world’s leading energy companies, has announced that it has successfully completed a record setting production test on the Jack #2 Well at Walker Ridge Block located approximately 270 miles southwest of New Orleans Louisiana in the US Gulf of Mexico.
The Jack Well was completed and tested in 7,000 feet of water, more than 20,000 feet below sea level. The Jack #2 Well was drilled to a depth of 28,175 feet, breaking the Chevron 2004 Tahiti well test record as the deepest successful well test in the Gulf of Mexico. In addition, numerous other records were broken for test equipment, pressure, depth, and duration in deepwater.
During the test the well sustained a flow rate of 6,000 barrels per day with the test representing 40 percent of the total net pay measured in the Jack #2 Well. Additionally the test tree and other drill stem test tools set world records, assisting Chevron and co-owners conduct the deepest extended drill stem test in deepwater Gulf of Mexico history.
Gary Luquette, president of North American Exploration and Production, said, “The results of the Jack test allow Chevron and its co-owners to better understand the deliverability of the emerging Lower Tertiary Trend, a trend where Chevron is the largest lease holder.”
Chevron is currently the largest leaseholder in the deepwater Gulf of Mexico, and is currently developing the $3.5 billion Tahiti project located in Green Canyon Block 640. The project is scheduled to begin production in 2008.
“Chevron continues to demonstrate its leading position employing deepwater explorations technology to develop new supplies of US crude oil and natural gas with projects such as Jack,” said George Kirkland, executive vice president, Upstream and Gas.