Chevron group has gulf Lower Tertiary oil find at Coronado

A Chevron Corp. group has made an oil discovery at its Coronado prospect in the deepwater US Gulf of Mexico Lower Tertiary Trend.

The company’s No. 1 well on Walker Ridge Block 98 encountered more than 400 ft of net pay. Chevron drilled Coronado to 31,866 ft in 6,127 ft of water 190 miles off the Louisiana coast.

Chevron said it is still evaluating well results and that more work is needed to evaluate the extent of the resource. Interests in the prospect are Chevron 40%, ConocoPhillips 35%, an Anadarko Petroleum Corp. unit 15%, and Venari Offshore LLC 10%.

Chevron noted that its Jack/St. Malo and Big Foot projects are due to go on production in 2014 and that it is appraising its Buckskin and Moccasin discoveries in the Lower Tertiary Trend.

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