(US, GoM) - Chevron Corp. announced that it has approved financing to proceed with development of the Blind Faith project. Chevron is operator of the project (62.5%) with partner Kerr-McGee (37.5%) who announced its approval of the project earlier today.
"The project demonstrates our strong commitment to continue to invest in the GoM to develop new energy supplies, as well as our ability to advance significant capital projects in areas where we are well positioned for future growth," said George Kirkland, Chevron's executive VP, Upstream and Gas.
Ray Wilcox, president of Chevron's North American Exploration and Production Co. added, "Blind Faith is part of our upstream strategy to grow profitability in our core areas and build new legacy positions. This project is a key asset in our deepwater portfolio and is expected to provide significant new oil and gas resources in the GoM."
The company says that total capital costs for the project will be approximately $900 million.