Chevron confirms Uge-1 deepwater discovery offshore Nigeria

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May 18, 2006 Chevron Nigeria Deepwater B Limited and its partners drilled the first oil discovery in Oil Prospecting License (OPL) 214 approximately 70 miles (113 kilometers) offshore Nigeria.

(Nigeria)-Chevron Nigeria Deepwater B Limited and its partners drilled the first oil discovery in Oil Prospecting License (OPL) 214 approximately 70 miles (113 kilometers) offshore Nigeria.

The Uge-1 discovery well was drilled in 4,144 ft (1,263 m) of water to a total depth of 16,831 ft (5,130 m) and encountered more than 300 net ft (100 m) of oil.

“This discovery is a further demonstration of how we are achieving superior success from a focused and high-impact exploration program,” said John Watson, president, Chevron International Exploration and Production.

“Chevron is pleased with the success of the well and believes the discovery will help enhance its already strong position in Nigeria and West Africa,” said Fred Nelson, managing director of Chevron Nigeria/Mid-Africa Strategic Business Unit.

Chevron Nigeria Deepwater B Limited has a 20 percent interest in the Block. Esso Exploration and Production Nigeria Deepwater West, Limited is the operator of OPL 214 with a 20 % working interest.

Other working-interest owners are Phillips Deepwater Exploration (Nigeria) Limited (a subsidiary of ConocoPhillips) at 20 %, Oxy Nigeria Exploration & Production Limited (a subsidiary of Occidental Petroleum Corporation) at 20 %, Nigerian Petroleum Development Company at 15 %, Sasol Exploration and Production Nigeria Limited at 5 % and Nigerian National Petroleum Corporation (NNPC) is the concessionaire.

Uge-1 represents the first discovery on the license.

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