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Chevron official: Deep-water oil is promising for industry

Stephen Thurston, vice president for Chevron North America Exploration and Production Co., speaks Wednesday in Morgan City. The potential for oil production in the deep-water Gulf of Mexico is promising, Thurston said. Less than half of the over 24 billion barrels of deep-water oil discovered in the gulf has been extracted, and another 11 billion barrels have yet to be found, he said. (The Daily Review/Zachary Fitzgerald)

Billions of barrels of oil sitting deep in the Gulf of Mexico paint a bright picture for the future of gulf oil production, a Chevron executive said Wednesday.

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