Texaco Announces Completion of Appraisal Drilling At Agbami Field in Nigeria

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Aug. 9, 2001

Texaco today announced the completion of appraisal drilling at its deep water Agbami field, located offshore Nigeria.

The successful four-well appraisal program confirmed that the Agbami structure has potential recoverable reserves of one billion barrels of oil equivalent.

Commenting on the announcement, John O'Connor, Senior Vice President of Texaco Inc. and President of Worldwide Exploration and Production said: "Agbami is an important project for Texaco and for Nigeria, and the completion of appraisal drilling is a significant milestone in the development schedule. We have gained additional valuable data that underscores the field's huge potential, which, coupled with solid progress being made in other key areas by the project team, means we remain on track for first oil in mid-2005."

The Agbami structure spans an area of 45,000 acres and extends from Block 216 into Block 217. The drilling program defined the productive limits of the field and established reservoir continuity. The results will help to form the basis of a development plan incorporating conceptual facilities design, reserves, production rates and well count, while experience gained drilling the appraisal wells will optimise well design for development drilling.

The bid process for Agbami's major facility contracts is well underway. The tender process for sub-sea equipment, installation, and a Dry Tree Unit has begun and tenders for a 200,000 barrels per day floating production, storage and off-loading vessel are being evaluated.

A final decision on project sanction is planned for first quarter 2002, subject to finalisation of all commercial arrangements. First oil from the field is planned for mid-2005, with peak production of 200,000 barrels of oil per day in 2007.

In Block 216, Texaco through its wholly-owned affiliate, Star Deep Water Petroleum Limited, holds a participating contractor's interest of 80 percent. Other participants in the block include Petroleo Brasileiro Nigeria Limited, Nigerian National Petroleum Corporation (NNPC) and independent Nigerian oil company, Famfa. In Block 217, Texaco Nigeria Outer Shelf Ltd. holds a participating contractor's interest of 46 percent, with the balance held by Statoil (Nigeria) Limited (operator), and with NNPC as concessionnaire.

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