ChevronTexaco gets most of West African deepwater block

By OGJ editors

HOUSTON, Apr. 27 -- ChevronTexaco JDZ Ltd., a ChevronTexaco affiliate, was awarded exploration rights to conduct exploration activities in deepwater Block 1 in the Joint Development Zone (JDZ) in the Gulf of Guinea off Sao Tome and Principe and Nigeria. The company bid $123 million for that block.

"This represents a new opportunity to expand and strengthen further ChevronTexaco's asset base in West Africa in alignment with our growth strategy for the region," said George Kirkland, president of ChevronTexaco Overseas Petroleum.

ChevronTexaco will be operator with 51% interest in the block, located 190 miles north of Sao Tome in 5,700 ft of water. ExxonMobil was awarded 40% interest, with the remaining 9% awarded to the Norwegian firm, Equity Energy Resources.