Feb 8 Chevron Corp, the
second-largest U.S. oil company, plans to drill a third well at
the Orphan Basin off the east coast of Canada despite its lack
of success there so far, Chevron's head of exploration said on
The first well found no oil, and the results of the second
had not previously been made public.
"We've drilled two, with no success," Bobby Ryan, the
company's vice president for global exploration, said at the
Credit Suisse Energy Summit in Colorado. "But we've learned a
lot geologically and it's pointing us in a direction that we
hope will be the right answer moving forward."
Chevron said last month that Repsol YPF SA and
Statoil ASA would fund part of the cost of the third
well off Newfoundland, after its partners in the two prior
efforts -- Exxon Mobil Corp, Royal Dutch Shell
and Imperial Oil Ltd -- pulled out.
Ryan also gave an update on Chevron's work in the Pearl
River Mouth Basin off China, where the first deepwater well
ended up a dry hole. The company is drilling a second in a
nearby block, with one well planned for each of its three blocks
there that span more than 5 million acres (2 million hectares).
Off the coast of Liberia, Chevron expects to start the first
of two wells planned for this year by the end of this quarter,
Ryan said. Also by the end of March, he hopes the company will
have completed two wells in the onshore Duvernay shale in
Alberta, with "multiple" wells planned after that in 2012.