Monday, October 4, 2010

Chevron (NYSE:CVX) Completes Deepwater Well, a Month Ago

Chevron (NYSE:CVX) completed drilling the first deepwater well in North America, quietly finishing the well a month ago, which they had started in May.

They got around the foolish oil moratorium of the Obama administration because the well of drilled off the coast of Canada, about 260 miles from Newfoundland.

According to Chevron, the the Lona O-55 well is the deepest well ever drilled in Canadian waters.

Provinces in Canada get royalties from commodity resources, and that's the case with this project as well, as the government rejected the paranoia which emerged from the BP (NYSE:BP) oil spill in America causing emotion-driven overreaction.

Chevron did say through a spokesman that throughout the operations they were extra careful to make sure all safety equipment and measures were working correctly.

The oil giant deliberately went about the drilling quietly to not attract unwarranted attention.

Chevron is 50 percent owner of Lona O-55, Shell has a 20 percent stake, ExxonMobil (NYSE:XOM) has a 15 percent stake, as does Imperial Oil (AMEX:IMO).

The oil well was drilled by Stena, a Swedish-based company.

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