Chevron Approves $8 Billion Gulf Drilling Project
October 21, 2010
MarketWatch reports, Chevron Corp. has sanctioned its $7.5 billion development of the Jack/St. Malo project, the oil major''s first operated drilling plan in the Lower Tertiary area in the deepwater Gulf of Mexico. The Jack and St. Malo fields are located within 25 miles of each other approximately 280 miles south of New Orleans in water depths of 7,000 feet. The Jack and St. Malo fields are estimated to contain combined total recoverable resources of more than 500 million oil-equivalent barrels. Seven exploration and appraisal wells have been drilled at these fields since 2003.