In the years Chevron has spent chasing crude in the coveted Lower Tertiary, the company uncovered a number of hurdles the oil industry will have to overcome to ensure future development of this highly coveted frontier play, a Chevron executive said Wednesday.
The Houston-based oil company announced Monday that it has scooped up additional acres offshore the Falkland Islands and plans to start drilling there this year despite opposition from Argentina’s government.
While U.S. and European Union sanctions against Russia forced Exxon to shut down an Arctic drilling project in October, the producer is staking claims to areas that could yield tens of billions of barrels in coming decades.
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