ChevronTexaco Farms Out a 25 percent Interest in Offshore Gulf of Thailand Block G4/43

Chevron Offshore (Thailand) Ltd. (COTL), an affiliate of ChevronTexaco Corp., today announced that the Royal Thai Government has given its approval for the Company to farm out a 25 percent interest in the Gulf of Thailand offshore block G4/43 to Mitsui Oil Exploration Co., Ltd ("MOECO"). The block was awarded to COTL and Thailand company PTTEP International Ltd. (PTTEPI), a wholly-owned subsidiary of PTT Exploration and Production Public Company Limited, in July 2003, with participating interests of 85 percent and 15 percent respectively. COTL is the operator of the block. "We are pleased to welcome MOECO as a partner in this offshore block. Together with PTTEPI, we have the basis for a strong joint venture in Block G4/43," said Keli Taureka, COTL's Managing Director. "We have encountered successful drilling results and any commercial discovery of oil and gas in this concession will contribute towards building Thailand's energy supply." G4/43 is a shallow water block (250 foot water depth) covering approximately 9,600 square kilometers in the northern part of the Gulf of Thailand. At about the same time as the farmout to MOECO was progressing through commercial and government approval processes, successful exploration and appraisal drilling results were announced in G4/43 when the Lanta No. 1 exploration well drilled to a measured depth of 10,358 feet and discovered 280 feet of oil and gas pay. In addition, the Lanta No. 2 well was drilled to a measured depth of 10,040 feet, encountering 194 feet of oil and gas pay. After the farm out, COTL will hold a 60 percent participating interest in the block and remain operator, while PTTEPI and MOECO will hold 15 percent and 25 percent participating interests respectively. ChevronTexaco currently holds petroleum concessions in the Gulf of Thailand that reside in both Thai and Cambodian waters. In Thailand, the company holds concession block B8/32, which consists of several producing fields, making COTL Thailand's top oil producer with an average daily production rate of approximately 48,000 barrels per day in 2003. The Company also produces approximately 220 million standard cubic feet a day of natural gas. Additionally, the Company holds concession Blocks 9A and G4/43 in Thailand and Block A offshore Cambodia. Cautionary Statement Relevant to Forward-Looking Information for the Purpose of "Safe Harbor" Provisions of the Private Securities Litigation Reform Act of 1995. This news release contains forward-looking statements about Block G4/43 in the Gulf of Thailand. The statements are based on management's current expectations, estimates and projections; is not a guarantee of future performance; and is subject to certain risks, uncertainties and other factors, some of which are beyond our control and are difficult to predict. Among the factors that could cause actual outcomes to differ materially are the results of the exploration program for Block G4/43 and general economic conditions. You should not place undue reliance on this forward-looking statement, which speak only as of the date of this press release. Unless legally required, ChevronTexaco undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise. Contact: Rattikan Chaiwanit Suvimol Decharkom or Somrasa Wongkatthaleekham or Satida Sritunyatorn Tel: 0-2618-1000 Tel: 0-2252-9871 Email:[email protected] Email: [email protected] or [email protected] or [email protected] End. --InfoQuest (NT)--

• ข่าวPTT Exploration and Production
• ข่าวChevronTexaco
• ข่าวo:event
• ข่าวPTTEP
• ข่าวo:eco