ChevronTexaco acquiring bigger stake in Gulf of Mexico Blind Faith discovery from BP

By OGJ editors
HOUSTON, Nov. 4 -- ChevronTexaco has agreed to acquire additional working interest and assume operatorship of the Blind Faith discovery, 162 miles southeast of New Orleans, from BP Exploration & Production Inc.

Under the agreement's terms, ChevronTexaco will earn the right to operate Blind Faith with a 50% interest. BP will own a 50% interest. Blind Faith is in Mississippi Canyon Block 696.

The Blind Faith discovery well was drilled in June 2001 in 6,900 ft of water. The discovery well partnership consisted of BP with 77.5% interest and ChevronTexaco with 22.5% interest. An additional appraisal well is planned by Dec. 31.

"Blind Faith is one of a series of recent exploration discoveries for ChevronTexaco in the deepwater Gulf of Mexico," said Ray Wilcox, ChevronTexaco vice-president and president of ChevronTexaco Exploration and Production. "The acquisition of increased equity and operatorship at Blind Faith provides an opportunity to maximize and grow the value of our base business in the deepwater."