Chevron to Develop Deep-Water Site in Gulf

Chevron Corp. decided to proceed with development of the Blind Faith Field in deep Gulf of Mexico waters to increase production and reserves.

The field, about 160 miles southeast of New Orleans, may have the equivalent of more than 100 million barrels of oil, San Ramon, Calif.-based Chevron said. Chevron said it had a 62.5% stake in the $900-million Blind Faith project. Oklahoma City-based Kerr-McGee Corp. owns the rest.

Blind Faith is expected to yield initial daily output of about 30,000 barrels of oil and 30 million cubic feet of natural gas, starting in 2008, Chevron said.