Chevron 2005 Annual Report Download - page 11

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Exploring for Growth
A string of discoveries in the deepwater U.S. Gulf of Mexico has established Chevron as one of the
industry’s top explorers. Credit belongs, in large measure, to technical teams who are applying
proprietary technology that can map deepwater reservoirs with unprecedented clarity. The image
of the Tahiti Field, above, penetrates through thick layers of subsurface salt and other challenges
that distort traditional seismic imagery. Chevron has a major position in the deepwater Gulf and is
investing heavily to increase energy supplies from the area. A “Big 5” project, Tahiti is one of the
largest, deepest and most signifi cant discoveries made to date in the Gulf.
Since 2002, Chevron has almost doubled its exploration discovery rate. In 2005 alone, the company drilled
31 successful exploration wells, achieving a success rate of 58 percent. Our exploration efforts have added
signifi cant new resources to our existing crude oil and natural gas resource base. We are focused on convert-
ing those undeveloped resources into proved reserves.
AN EXPLORATION SUCCESS STORY
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