ChevronTexaco boosts interest in deepwater GOM Blind Faith prospect

ChevronTexaco has increased its interest and taken over operatorship of the Blind Faith oil discovery in the deepwater Gulf of Mexico, the company said Oct. 30. An appraisal well is planned by year-end.

Under terms of its agreement with partner BP, ChevronTexaco boosted its stake in Blind Faith to 50 percent from 22.5 percent. BP will retain 50 percent of Blind Faith, located in about 6,900 feet of water and about 162 miles southeast of New Orleans, Louisiana.

“The acquisition of increased equity and operatorship at Blind Faith provides an opportunity to maximize and grow the value of our base business in deepwater Gulf of Mexico,” said Ray Wilcox, ChevronTexaco’s president of exploration and production.

The Blind Faith-1 discovery well, located on Mississippi Block 696, was drilled in June 2001 to a total depth of more than 25,000 feet. The partners have never disclosed reserve estimates and other details, such as pay thickness and oil quality.

Blind Faith is situated about 20 miles northeast of the BP-operated Thunder Horse discovery, the largest-ever oil find in deepwater Gulf of Mexico with more than 1 billion barrels of reported reserves.