23-12-03 - ChevronTexaco -- along with joint-venture partners ExxonMobil Canada and Imperial Oil Resources -- announced that it acquired the exploration rights for eight deepwater parcels, resulting in a significant acreage position in the Orphan Basin region offshore Newfoundland.
The parcels cover more than 5 mm acres in the unexplored Orphan Basin, which is located about 250 miles east-northeast of St John's, Newfoundland and 155 miles north of the Hibernia oil field in water depths from about 6,500 to 8,200 feet.

Ownership of the parcels is as follows: ChevronTexaco (through affiliate Chevron Canada Resources), 50 %; ExxonMobil Canada, 25 %; and Imperial Oil, 25 %.
"This acquisition positions ChevronTexaco as a leading player in east coast Canada exploration as we continue to build a focused, high impact, global exploration program," said Ray Wilcox, president of ChevronTexaco Exploration and Production.
"Our purchase of these exploration rights is an indication of Chevron Canada Resource's ongoing commitment to Newfoundland and the Atlantic region," said Alex Archila, president of Chevron Canada Resources. "It also is evidence of the company's intention to continue its pursuit of attractive growth opportunities in Canada."

Based in San Ramon, California, ChevronTexaco is the second-largest US-based energy company and the fifth largest in the world, based on market capitalization. More than 53,000 ChevronTexaco employees work in approximately 180 countries around the world, producing oil and natural gas and marketing fuels and other energy products.