Tuesday, June 2, 2015

Chevron equipment loss in rough seas challenges growth plan

Chevron equipment loss in rough seas challenges growth plan: "Chevron Corp. indefinitely delayed a $5.1-billion oil development in the U.S. Gulf of Mexico after an equipment failure, casting doubt on the company’s ability to meet its target of 20% output growth by the end of 2017. Some of the cables needed to tether a floating platform to the seafloor sank between May 29 and May 31, the San Ramon, California-based company said in a statement. None of the wells at the Big Foot oilfield had begun pumping crude and there were no spills or injuries."

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