Chevron Continues Gulf Of Mexico Push . |
| Wall Street Journal - Dec 16, 2010 |
Chevron Corp. said Thursday it will invest $4 billion to develop the Big Foot oil field in the deepwater Gulf of Mexico.
The newly approved project is expected to have a production capacity of 75,000 barrels of oil and 25 million cubic feet of natural gas per day. Production is expected to start in 2014, in water depths of 5,200 feet, approximately 225 miles south of New Orleans.
The decision follows Chevron's October move to invest $7.5 billion to develop two other massive oil fields in the area, showing the oil giant still sees the Gulf of Mexico as a key driver of its long-term production growth, despite uncertainty over fallout from the BP PLC oil spill. The federal government is imposing stricter rules for the offshore energy industry in the aftermath of the deadly explosion and sinking of the deepwater drilling rig in April, which unleashed the worst accidental offshore spill in U.S. history.
Read Full Article from Wall Street Journal
- Posted: 2010-12-16 09:27:02
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