Davy Jones, like other headline grabbing finds in the past year, was an ultradeep prospect.
Lineham Creek is the first ultradeep well that Chevron is drilling in the Gulf.
FORBES: Chevron Makes Big Discovery In Louisiana - And It's Not Even Done Drilling Yet
On page 15 of its presentation, it describes the UltraDeep Gas Play as new play in a mature basin.
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Last year Chevron and McMoRan teamed up to acquire dozens of additional ultradeep prospects through federal government lease sales.
FORBES: Chevron Makes Big Discovery In Louisiana - And It's Not Even Done Drilling Yet
Moffett has also invested heavily to make several other ultradeep discoveries including Blackbeard.
FORBES: Chevron Makes Big Discovery In Louisiana - And It's Not Even Done Drilling Yet
This allows Exxon to participate in the success of any ultradeep wells that Exxi might attempt here in the future.
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Schiller downplayed the potential for ultradeep prospects among the Exxon fields, most of which produce from reservoirs just 7, 000 feet deep.
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In contrast, with these ultradeep shallow water wells, Chevron is eyeing prospects that might be nearly as big as those deepwater finds.
FORBES: Chevron Makes Big Discovery In Louisiana - And It's Not Even Done Drilling Yet
Chevron began drilling this ultradeep well over a year ago, with the objective of boring down to big sub-salt prospects 29, 000 feet beneath the surface.
FORBES: Chevron Makes Big Discovery In Louisiana - And It's Not Even Done Drilling Yet
But (as you can read in my new feature on Chevron in the current issue of Forbes Magazine) the company has big hopes for the ultradeep.
FORBES: Chevron Makes Big Discovery In Louisiana - And It's Not Even Done Drilling Yet
These ships can drill ultradeep wells in 10, 000 foot oceans.
Whereas the logistical hurdles surrounding ultradeep wells (mostly pressure-related) have scared off the likes of Exxon, Chevron has partnered with McMoRan Exploration to snap up dozens of leases in a government auction.
No doubt the headline amount of this suit is just for show and Brazilian regulators are pragmatic enough to appreciate the risks inherent in forging a new generation of ultradeep oil exploration.
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Stone Energy (SGY), which is headquartered in Lafayette, Louisiana, is drilling several deep and ultradeep wells in Vermilion and Cameron parishes in the belief that gas-bearing reservoirs below the shallow Gulf bleed onshore, and that onshore drilling offers a way to tap an abundant hydrocarbon resource without incurring the considerable expenses of underwater operations.
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