Chevron eyes $7.5B development of 2 fields in offshore Louisiana

10/21/2010 | ABC News

Chevron will spend $7.5 billion to develop the Jack and St. Malo fields off Louisiana's coast, which hold an estimated 500 million barrels of oil and natural gas. The company has drilled seven wells there since 2003 and seeks to explore 10 more. Chevron also intends to apply in the coming days for new Gulf of Mexico deepwater-drilling permits.

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