Chevron hopes 3rd time's the charm in Orphan Basin

Chevron Canada will drill a third exploration well in the deepwater Orphan Basin this year, after two previous attempts came up dry.

"The first two wells we announced were unsuccessful, we did not find hydrocarbons in those two locations," Mark MacLeod, Chevrons Atlantic Canada vice-president, told delegates at this past weeks Noia conference in St. Johns.

"We learned lots of information, geological information in particular, and hopefully with the third well well get it right. It just speaks to our encouragement about the prospectivity of the region that were actually out there drilling a third well."

Chevrons previous exploration efforts in the Orphan Basin were at the Great Barasway and Lona sites.

Subject to final regulatory approvals, MacLeod said, the Stena Carron will drill at the Margaree prospect as early as July or August.

"We have a team in place ready and anxiously awaiting this rig arrival," MacLeod said.

Chevron will act as operators, with Repsol and Statoil as co-venturers.

"We sure hope some of the good luck that Statoil announced they had in their Harpoon well rubs off on us on our Orphan location," MacLeod noted.

Earlier in the week, Norways Statoilannounced that it had made a discovery at Harpoonin the Flemish Pass.