Westport joins Chevron on Gulf deal

Debra Beachy, Petroleum News contributing writer

Westport Resources Corp. has joined with Chevron U.S.A. to explore offshore deep shelf areas in the Gulf of Mexico, the company said Sept. 2. Westport said nine firm exploration prospects have been identified so far by it and Chevron U.S.A., a wholly owned subsidiary of ChevronTexaco.

Westport said it will participate for 45 percent of the interest held by ChevronTexaco and anticipates spending about $40 million on the first nine prospects. The first well is expected to spud in the third quarter of 2003, the company said.

“This program targets high-impact prospects, primarily in offshore deep shelf plays, and complements Westport’s lower-risk onshore development activities,” said Don Wolf, chairman and chief executive officer of Westport. “With our flexible balance sheet and strong cash flow, we are well positioned to participate in this large-scale program,” he said. “ChevronTexaco has developed an extensive portfolio of high quality exploration ideas across the shelf and we look forward to participating with them in this program.”

Westport, an independent oil and gas producer based in Denver, has ongoing operations in the Rocky Mountains, Permian Basin/Midcontinent, the Gulf Coast and offshore Gulf of Mexico.