SAN FRANCISCO, Aug. 26 /PRNewswire-FirstCall/ -- ChevronTexaco (NYSE: CVX)
today confirmed that the Government of Venezuela has selected ChevronTexaco
and partner BG Group as preferred bidder for Block 2, one of five offshore
blocks in the northeastern Plataforma Deltana, a major prospective natural gas
region in Venezuela's Atlantic continental shelf. Block 2 contains the
significant undeveloped gas discovery known as the Loran Field, discovered in
1982 by Petroleos de Venezuela, S.A. (PDVSA), the state-owned oil and gas
BG and ChevronTexaco will now enter into discussions with the Venezuelan
Ministry of Energy and Mines (MEM) to finalize the work program and commercial
terms of Block 2. BG will operate the Block on behalf of the group which is
likely to include PDVSA.
"One of ChevronTexaco's growth strategies is to expand our participation
in the international gas business," remarked George Kirkland, president of
ChevronTexaco Overseas Petroleum. "Our recent announcements regarding the
development of gas fields in Trinidad, and of Australian gas for the export of
liquefied natural gas to China, are further evidence of our commitment to that
ChevronTexaco currently holds a 30 percent interest in the Hamaca Project,
one of Venezuela's five strategic partnerships in the prolific Orinoco Belt,
and operates both the Boscan and LL-652 fields in western Venezuela.
"ChevronTexaco and BG bring together skills and the expertise of two
long-term partners and position us to be a major participant in Plataforma
Deltana, one of the world's most exciting natural gas exploration and
development opportunities," said Ali Moshiri, president of ChevronTexaco Latin
America Upstream. "This announcement demonstrates our continuing long-term
commitment to invest in the Venezuelan oil and gas industry and we are
enthusiastic about the prospect of being a part of the Plataforma Deltana
project," Moshiri added.
BG and ChevronTexaco have a history of partnership in the region, where
they each hold a 50 percent interest in the Trinidad and Tobago portion of the
Loran Field, which extends into Block 2 on the Venezuelan side.
Cautionary Statement Relevant to Forward-Looking Information for the
Purpose of "Safe Harbor" Provisions of the Private Securities Litigation
Reform Act of 1995.
Some of the items discussed in this press release are forward-looking
statements about the development of Block 2 in the Plataforma Deltana region,
offshore Venezuela, and other potential future activities in Venezuela. These
statements are based on current expectations, estimates and projections. The
statements included in this release are not guarantees and actual outcomes and
results could differ materially from what is expressed or forecasted in these
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