Chevron and it's partners are continuing to explore the Orphan Basin and the Flemish Pass.
Bobby Ryan, Chevron's vice-president for global exploration has confirmed that the company will drill a third well in the Orphan Basin this year. The results of the second well has not been released but oil industry types have been saying that Chevron is onto to something big.
Ryan says the company has dedicated a lot of resources to mapping and learning the geology of the region.
The company, Statoil Canada Ltd. and Repsol E&P Canada Ltd.concluded agreements to conduct exploration activities in the Newfoundland Offshore last month. The Orphan Basin and the Flemish Pass are considered to be potentially lucrative opportunities that might become the next frontier basin for the Atlantic oil industry.
Chevron, Statoil and Repsol were recently named the successful bidders on two exploration parcels in the Flemish Pass Basin, offshore Newfoundland and Labrador,
Who says the industry is a one trick pony?