The billion dollar project is now producing. From Chevron’s news release:
SAN RAMON, Calif., Nov. 12, 2008 – Chevron Corporation (NYSE: CVX) today announced that it has started crude oil production from its Blind Faith Field in the deepwater Gulf of Mexico. First oil from Blind Faith was achieved on Nov. 11, 2008. Daily production is expected to ramp up to approximately 65,000 barrels of crude oil and 55 million cubic feet of natural gas over the next three months.
Blind Faith utilizes a deep-draft semisubmersible hull located about 160 miles (250 kilometers) southeast of New Orleans, La., on Mississippi Canyon block 650. Chevron’s deepest offshore production facility, Blind Faith is located in 6,500 feet (1,981 meters) of water, and with subsea systems located in 7,000 feet (2,134 meters) of water in Mississippi Canyon blocks 695 and 696.
“Blind Faith is one of several major near-term upstream projects that will allow us to grow our reserves and production,” said George Kirkland, executive vice president, Global Upstream and Gas, Chevron. “It is another demonstration of how Chevron is leading the industry in the selection and execution of major capital projects.”
Along with the incredible investment involved in such projects, we’d note the time involved. The Blind Faith discovery well was drilled in June 2001, and of course, that followed years of seismic and geologic investigation. (And by the way, Blind Faith made it through Hurricane Gustav with minimal damage.)
Good thing oil companies make money.
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