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The industry continues to move into deeper waters both for drilling and production. However, we can now drill in deeper waters than we can produce from, because of the technical challenges and high costs of producing from deeper water. New techniques and production equipment continue to come onto the market, but advances are slow and the industry is cautious in applying new technology. There are still problems to be addressed that require research.
Chevron has recognized the need and stepped up to the challenge in a new partnership with the Massachusetts Institute of Technology (MIT). Together they have established the Chevron-MIT University Partnership program under the MIT Energy Initiative. Chevron has underwritten new research with a five-year, $5 million program for remote and ultra-deepwater development and production research, as well as two fellowships.
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