By OGJ editors
HOUSTON, Aug. 8 -- Plains Exploration & Production Co., Houston, agreed to acquire Chevron Corp.'s 16.7% interest in the Rocky Point oil development in the Santa Barbara Channel.
After closing, expected in September, Plains's working interest at Point Arguello and Rocky Point fields will be 69.3%. Existing platforms in the Point Arguello Unit host extended-reach wells into federal waters off California (OGJ, Nov. 17, 2004, p. 40).
Plains plans to drill future Rocky Point wells more nearly horizontal through the reservoir. The third extended reach development well found two previously unmapped downthrown faults and was structurally lower than planned, resulting in a low volume well. It is being sidetracked, and the second well is being reworked.