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" ... Whereas the logistical hurdles surrounding ultradeep wells (mostly pressure-related) have scared off the likes of Exxon, Chevron has partnered with McMoRan Exploration to snap up dozens of leases in a government auction. While watching McMoRan spend more than $1 billion trying to complete its Davy Jones well, Chevron has begun drilling its own ultradeep well just onshore. If it is successful, those nearby Chevron pipelines will make it far easier to flow the gas to market. It's a classic heads-I-win, tails-you-lose, says Chevron's Luquette: "We're happy to let other people use their money to prove how to do these things." ... "