Chevron takes second look at oil prospects

Chevron Corp. is proposing to undertake a thorough reprocessing of old seismic data of the Department of Energy (DOE), a ranking DOE official said.

Energy Undersecretary Guillermo Balce said this will be done through Chevron’s initiative at no cost to the DOE.

Balce said the updating the old seismic studies would enable Chevron to evaluate new prospects in the oil exploration sector.

A seismic study is an initial step by an exploration company to determine and measure the potential oil and gas reserves in a specific area.

"They would be able to see prospects and at the same time give them update on where they can invest," Balce said.

He said the data that would be reprocessed by Chevron would involve seismic studies until 1970.

The DOE official noted that there were similar initiatives by other oil exploration companies.

"Other companies proposed the same.  They want to process old data and analyze the potential of those old exploration areas and see if they could still tap these exploration fields," he said.

He said the reprocessing is normally economical or cheaper than undertaking new surveys.

Chevron is one of the largest integrated energy companies in the world. Headquartered in San Ramon, California, and conducting business in approximately 180 countries, the company is engaged in every aspect of the oil and natural gas industry, including exploration and production; refining, marketing and transportation; chemicals manufacturing and sales; and power generation.