The total cost for the first phase of the project is $2.7 billion and represents one of 40 projects in which Chevron’s share of the investment is over $1 billion.
Tahiti is a significant addition to our growing reserves and production, said George Kirkland, executive vice president, Global Upstream and Gas. It is another demonstration of our deepwater expertise, and our ability to execute an industry-leading queue of major capital projects.
Tahiti is located at Green Canyon blocks 596, 597, 640 and 641, about 190 miles (305 kilometers) south of New Orleans, and in about 4,100 feet (1,250 meters) of water. Primary pay sands are lower to middle Miocene from 23,000 to 28,000 feet and lay below a salt canopy ranging from 8,000 to 15,000 feet thick. The deepest producing well is more than 26,700 feet, a record for the Gulf of Mexico. Production is from two subsea drill centers tied backed to a floating production facility supported by a truss spar.
Chevron holds a 58% working interest in Tahiti and is the operator, StatoilHydro ASA holds a 25% working interest, and Total S.A owns a 17% working interest.
