MIT, Chevron join in deepwater research
Published: Nov. 26, 2007 at 10:58 AM
CAMBRIDGE, Mass., Nov. 26 (UPI) -- The Massachusetts Institute of Technology and the Chevron Corp. have joined to develop a remote, ultra-deepwater exploration and production technology.
The $5 million, five-year Chevron Remote and Ultra-deepwater Research Program will focus on developing technologies required to access hydrocarbons in water depths of approximately 10,000 feet in a cost-effective and environmentally friendly manner.
"The need for affordable, sustainable energy is one of the greatest challenges of the 21st century," said MIT Professor Ernest Moniz, director of the university's energy initiative. "Conventional oil and gas supplies will play a critical role in meeting global energy demand for at least the next several decades, and advanced technologies are essential for producing these essential resources in environmentally sensitive ways."
Don Paul, Chevron's vice president and chief technology officer, said: "Chevron is drilling at depths once thought impossible, and partnerships such as these are critical if we are to keep pushing the boundaries of possibility. "
The $5 million, five-year Chevron Remote and Ultra-deepwater Research Program will focus on developing technologies required to access hydrocarbons in water depths of approximately 10,000 feet in a cost-effective and environmentally friendly manner.
"The need for affordable, sustainable energy is one of the greatest challenges of the 21st century," said MIT Professor Ernest Moniz, director of the university's energy initiative. "Conventional oil and gas supplies will play a critical role in meeting global energy demand for at least the next several decades, and advanced technologies are essential for producing these essential resources in environmentally sensitive ways."
Don Paul, Chevron's vice president and chief technology officer, said: "Chevron is drilling at depths once thought impossible, and partnerships such as these are critical if we are to keep pushing the boundaries of possibility. "
© 2007 United Press International. All Rights Reserved.
This material may not be reproduced, redistributed, or manipulated in any form.
This material may not be reproduced, redistributed, or manipulated in any form.
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