Texaco makes deepwater oil discovery off Louisiana

Texaco Inc. on Monday said it and partner Agip Petroleum Exploration Inc., an affiliate of Italy's ENI SPA, have made a wildcat oil discovery in the deepwater Gulf of Mexico with their Champlain No. 1 well. Initial results indicate the presence of high-quality reservoir sands with a total net pay of 140 ft. The ultimate size of the discovery will be determined by further appraisal drilling.


Texaco Inc., Houston, on Monday said it and partner Agip Petroleum Exploration Inc., an affiliate of Italy's ENI SPA, have made a wildcat oil discovery in the deepwater Gulf of Mexico with their Champlain No. 1 well. Texaco said initial results indicate the presence of high-quality reservoir sands with a total net pay of 140 ft. The ultimate size of the discovery will be determined by further appraisal drilling.

Champlain No. 1, drilled in 4,385 ft of water on Atwater Valley Block 63 about 160 miles south of New Orleans, reached 23,540 ft TD on Mar. 21. A sidetrack of the discovery well reached 24,989 ft TD on May 4, confirming the lateral extent of the pay sands.

Texaco is operator and holds a 75% interest in Atwater Valley 63 and in adjacent Block 64. Agip Petroleum Exploration Inc. holds the remaining 25% interest in both blocks.

The Champlain discovery resulted from the first well drilled in Texaco's Year 2000 Gulf of Mexico exploration program, said the firm. It plans to drill five more deepwater wildcats this year, says Bruce S. Appelbaum, vice-president of Texaco and president of Texaco Exploration & New Ventures.

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