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Oil majors 'are reaping rewards of offshore drilling'

05 January, 10
Texaco's parent company Chevron is just one of the major energy companies to benefit from offshore drilling efforts, it has been suggested.

Big oil companies - such as Chevron, BP, Shell and ExxonMobil - are the only firms which can realistically afford to develop deep sea oil assets, the Wall Street Journal claimed.

It noted that the ongoing search for new oil fields is yielding results for these energy giants, who are unearthing unexpectedly large sources of the hydrocarbon.

For instance, it pointed out that UK-based BP found a site which could contain up to three billion barrels of oil in September 2009, while Texaco's parent company is now pumping 125,000 barrels per day from its most recent Gulf of Mexico project.

Chevron's vice chairman George Kirkland said: "A lot of people can get the very easy oil. There's just not a lot of it left."

His comments come after the company awarded a $230 million (£143 million) deal to Cameron to provide it with subsea production systems to aid its efforts in the gulf.

Posted by Sean WebbADNFCR-2675-ID-19540894-ADNFCR

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Oil majors 'are reaping rewards of offshore drilling'