Chevron Sanctions Stampede Project in the Deepwater U.S. Gulf of Mexico
October 28 2014 - 08:16PM
Business Wire
Miocene field holds 300 million barrels of
recoverable resources
Chevron Corporation (NYSE: CVX) announced today that its
subsidiary, Union Oil Company of California (Union), has reached a
final investment decision to proceed with the development of the
Hess Corporation-operated Stampede project in the deepwater U.S.
Gulf of Mexico. Stampede is a deepwater subsea development, which
will be tied-back to a newly constructed Tension Leg Platform.
The project design capacity will be 80,000 barrels of crude oil
per day. Project cost is expected to be approximately $6 billion.
The drilling program includes a total of six production and four
water injection wells. Drilling is planned to commence in the
fourth quarter 2015 with first production expected in 2018.
“This investment decision confirms Chevron’s commitment to
strategically grow our business in the deepwater by adding
long-term development opportunities that will deliver value to
shareholders,” said George Kirkland, vice chairman and executive
vice president, Upstream, Chevron Corporation.
“Moving forward on Stampede is another important milestone for
Chevron in the deepwater Gulf of Mexico, where we have a solid
queue of major capital projects coming onstream, including Tubular
Bells and Jack / St. Malo,” said Jay Johnson, senior vice
president, Upstream, Chevron Corporation.
“Stampede is another example of Chevron’s ability to profitably
grow production in the deepwater Gulf of Mexico,” said Jeff
Shellebarger, president Chevron North America Exploration and
Production Company.
The Stampede field has total estimated recoverable resources in
excess of 300 million barrels of oil equivalent and the Chevron
subsidiary has a 25 percent working interest in the development.
Other co-owners include Hess Corporation (operator and 25 percent
interest), Statoil (25 percent) and Nexen (25 percent). The
Stampede project includes the joint development of the Knotty Head
and the Pony discoveries, in Green Canyon blocks 511, 512, and 468.
The blocks are located 220 miles southeast of New Orleans, LA. in
3,500 feet of water, and target lower Miocene reservoirs at a depth
of approximately 30,000 feet. The Knotty Head field was discovered
in 2005 and the Pony field was discovered in 2006.
Chevron is one of the world’s leading integrated energy
companies, with subsidiaries that conduct business worldwide. The
company is involved in virtually every facet of the energy
industry. Chevron explores for, produces and transports crude oil
and natural gas; refines, markets and distributes transportation
fuels and lubricants; manufactures and sells petrochemical
products; generates power and produces geothermal energy; and
develops the energy resources of the future, including biofuels.
Chevron is based in San Ramon, Calif. More information about
Chevron is available at www.chevron.com.
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for the Purpose of “Safe Harbor” Provisions of the Private
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Some of the items discussed in this press release are
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could cause actual results to differ materially from those in the
forward-looking statements are changes in prices of, demand for and
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potential failure to achieve expected net production from existing
and future crude oil and natural gas development projects;
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Chevron CorporationCam Van Ast, Houston, +1 713-372-0063
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