13:40 | 11.03.2010
Chevron Deploys a Second Ultra-Deepwater Drillship
Chevron U.S.A. Inc., a wholly owned subsidiary of Chevron Corporation
(NYSE: CVX), today announced that it has commenced operations on the Discoverer
Inspiration, an ultra-deepwater drillship, in the U.S. Gulf of
Mexico. The vessel has the capability to drill wells in 12,000 feet
(3,650 meters) of water to a total depth of 40,000 feet (12,200 meters).
The state-of-the-art vessel is the second such vessel commissioned by
Chevron in the last six months. Last August, Inspiration’s sister
ship, Discoverer Clear Leader, began work for Chevron in
the ultra-deep water Gulf of Mexico.
“Both these newly built vessels were designed to Chevron’s
specifications and will work on a strong queue of deepwater
opportunities,” said George Kirkland, vice chairman, Chevron. “Going
beyond the limits of previous technology, Inspiration and Clear
Leader provide Chevron with the most advanced offshore drilling
capabilities as we explore for new sources of energy in the U.S. and
globally.”
The Inspiration will begin work for Chevron drilling deepwater
Gulf of Mexico exploration prospects and then develop existing
discoveries such as Jack, St. Malo and Buckskin. Chevron will operate Inspiration
under a five-year contract with Transocean. Chevron is one of the top
lease holders and producers in the Gulf.
The new drillship’s upgrades not only improve safety, reliability and
efficiency, but also extend overall deepwater drilling and completion
capabilities. Enhancements include an upgraded top-drive system, an
expanded high-pressure mud-pump system and expanded completions
capabilities. These enhancements, along with Transocean’s patented
dual-activity technology, allow parallel operations from a single
derrick. These innovations are expected to reduce drilling costs by 5 to
15 percent over conventional single-activity rigs, depending on
reservoir depth and complexity.
Chevron is widely recognized as a leader in deepwater drilling. The
company holds the current world record for drilling water-depth at
10,011 feet (3,051 meters).
Chevron is one of the world’s leading integrated energy companies, with
subsidiaries that conduct business worldwide. The company’s success is
driven by the ingenuity and commitment of its employees and their
application of the most innovative technologies in the world. Chevron is
involved in virtually every facet of the energy industry. The company
explores for, produces and transports crude oil and natural gas;
refines, markets and distributes transportation fuels and other energy
products; manufactures and sells petrochemical products; generates power
and produces geothermal energy; provides energy efficiency solutions;
and develops the energy resources of the future, including biofuels.
Chevron is based in San Ramon, Calif. More information about Chevron is
available at www.chevron.com.
Cautionary Statement Relevant to Forward-Looking Information for the
Purpose of “Safe Harbor” Provisions of the Private Securities Litigation
Reform Act of 1995.Some of the items discussed in this press release are forward-looking
statements about Chevron’s activities in the U.S. Gulf of Mexico. Words
such as “anticipates,” “expects,” “intends,” “plans,” “targets,”
“projects,” “believes,” “seeks,” “estimates,” “budgets” and similar
expressions are intended to identify such forward-looking statements.
The statements are based upon management’s current expectations,
estimates and projections; are not guarantees of future performance; and
are subject to certain risks, uncertainties and other factors, some of
which are beyond the company’s control and are difficult to predict.
Among the factors that could cause actual results to differ materially
are changes in prices of, demand for and supply of crude oil and natural
gas; actions of competitors;the potential disruption or
interruption of production and development activities due to war,
accidents, political events, civil unrest, or severe weather;
government-mandated sales, divestitures, recapitalizations and changes
in fiscal terms or restrictions on scope of company operations; and
general economic and political conditions. You should not place undue
reliance on these forward-looking statements, which speak only as of the
date of this press release. Unless legally required, Chevron undertakes
no obligation to update publicly any forward-looking statements, whether
as a result of new information, future events or otherwise.
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