"Just nine days after the Obama Administration lifted the deepwater drilling moratorium, Chevron announced on Thursday that it was going forward with a $7.5 billion project to develop two giant deepwater fields in the gulf. The Jack and St. Malo fields hold in excess of 500 million barrels of recoverable hydrocarbons, the company said. That’s roughly equal to the world’s oil consumption in about five days — nothing to sneeze at."

Clifford Krauss reports for the New York Times October 21, 2010.
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"East Timor Forges Ahead on Deepwater Oil Drilling" (New York Times) [3]