Chevron DeepStar: R&D Collaboration
Monday 7 August 2017
An international consortium led by a Chevron subsidiary has signed an exploration contract with Mexico’s National Hydrocarbons Commission for Block 3 in the deepwater Gulf of Mexico. “We look forward to exploring this prospective area together and strengthening our presence in Mexico for the long term”, said Ali Moshiri, president of Chevron Africa and Latin America Exploration and Production.
Pressured by limited budgets and shareholder demands, oil and gas companies are searching for ways to improve returns and better allocate capital, leaving some to wonder whether complex deepwater projects can compete with headline-grabbing, lower-cost shale plays. Chevron uses the DeepStar program as a way to figure out this problem.